48-1-15 - Rules determining rights and duties of partners. - Utah Statutes

48-1-15. 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 advancesto the partnership property, and share equally in the profits and surplus remaining after allliabilities, including those to partners, are satisfied; and, except as provided in Subsection48-1-12(2), must contribute towards the losses, whether of capital or otherwise, sustained by thepartnership according to his share in the profits.
(2) The partnership must indemnify every partner in respect of payments made andpersonal 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 theamount of capital which he agreed to contribute shall be paid interest from the date of thepayment or advance.
(4) A partner shall receive interest on the capital contributed by him only from the datewhen repayment should be made.
(5) All partners have equal rights in the management and conduct of the partnershipbusiness.
(6) No partner is entitled to remuneration for acting in the partnership business, exceptthat a surviving partner is entitled to reasonable compensation for his services in winding up thepartnership affairs.
(7) No person can become a member of a partnership without the consent of all thepartners.
(8) Any difference arising as to ordinary matters connected with the partnership businessmay be decided by a majority of the partners; but no act in contravention of any agreementbetween the partners may be done rightfully without the consent of all the partners.

Amended by Chapter 61, 1994 General Session