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362.235 Rules determining rights and duties of partners.
The rights and duties of the partners in relation to the partnership shall be
determined, subject to any agreement between them, by the following rules:
(1) Each partner shall be repaid his contributions, whether by way of capital or
advances to the partnership property, and share equally in the profits and
surplus remaining after all liabilities, including those to partners, are satisfied;
and, except as provided in KRS 362.220(2), each partner shall contribute
toward the losses, whether of capital or otherwise, sustained by the partnership
according to his share in the profits.
(2) Except as provided in KRS 362.220(2), the partnership shall indemnify every
partner in respect of payments made and personal liabilities reasonably
incurred by him in the ordinary and proper conduct of its business, or for the
preservation of its business or property.
(3) A partner, who in aid of the partnership makes any payment or advance
beyond the amount of capital which he agreed to contribute, shall be paid
interest from the date of the payment or advance.
(4) A partner shall receive interest on the capital contributed by him only from the
date when repayment should be made.
(5) All partners have equal rights in the management and conduct of the
partnership business.
(6) No partner shall be entitled to remuneration for acting in the partnership
business, except that a surviving partner shall be entitled to reasonable
compensation for his services in winding up the partnership affairs.
(7) No person shall become a member of a partnership without the consent of all
the partners.
(8) Any difference arising as to ordinary matters connected with the partnership
business may be decided by a majority of the partners; but no act in
contravention of any agreement between the partners shall be done rightfully
without the consent of all the partners.
Effective:June 26, 2007
History: Repeal the prior repeal contained in 2006 Ky. Acts ch. 149, sec. 239,
which was to have been effective January 1, 2008, 2007 Ky. Acts ch. 137,
sec. 180, effective June 26, 2007. -- Repealed 2006 Ky. Acts ch. 149, sec. 239,
effective January 1, 2008. -- Amended 1994 Ky. Acts ch. 389, sec. 98, effective
July 15, 1994. -- Created 1954 Ky. Acts ch. 38, sec. 18, effective June 17, 1954.
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