The rights and obligations of partners are normally mentioned in the partnership deed. In case, the partnership deed does not specify them, then the partners will have rights and obligations as prescribed in The Partnership Act, 1932. These rights and obligations are given below: Rights of partners 1. Every partner has a right to take part in the conduct and management of the firm’s business. 2. Every partner has a right to be consulted and express his opinion on any matter related to the firm. In case of a difference of opinion, the decision has to be taken by a majority. But important issues like an admission of a new partner, change in the firm’s business, alteration of profit-sharing ratio, etc., must be decided by unanimous consent of all the partners. 3. Every partner has a right to have access to, inspect and copy any books of accounts and records of the firm. 4. Every partner has the right to an equal share in the profits of the firm unless otherwise agreed by the
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