Duties of partners.

Duties of partner

Partnership is a contract of uberrinae fided the partners must act with ulmost good as the very basis of partnership is mutual trust and confidence.

These duties are summed up as under:

1.to carry on business to the greatest common advantage:

Every partner is bound to carry on the business of the firm to the greatest common advantage. He is bound, in all transactions affecting the partnership.

2.to abserve faith:

Partnership is a fiduciary relation. Every partner must be just and faithful, and observe ulmost good faith towords every other partner of the firm.

3.to identify for froud:

Every partner is boundto indeminity the firm for any loss caused to it by his froud in the conduct of the business of the firm. This is an absolute duty of a partner and no partner himself and contract out of it.

4.to attend diligenty:

Subject to contract between the entitled to partners it is the duty of every partner to attend diligently to his duties in the conduct of the business of the firm in to all the partners.

5.not to claim remuneration:

A partner is not entitled to receive any remuneration in any form for taking part in the conduct of the business of the firm.