| Toronto, Ontario Lawyers, Legislation |
Partnerships Act , section: 24
Business Law, Rules as to interests and duties of partners
The interests of partners in the partnership property and their rights and duties in relation to the partnership shall be determined, subject to any agreement express or implied between the partners, by the following rules:
1. All the partners are entitled to share equally in the capital and profits of the business, and must contribute equally towards the losses, whether of capital or otherwise, sustained by the firm, but a partner shall not be liable to contribute toward losses arising from a liability for which the partner is not liable under subsection 10 (2).
2. The firm must indemnify every partner in respect of payments made and personal liabilities incurred by him or her,
(a) in the ordinary and proper conduct of the business of the firm; or
(b) in or about anything necessarily done for the preservation of the business or property of the firm.
2.1 A partner is not required to indemnify the firm or other partners in respect of debts or obligations of the partnership for which a partner is not liable under subsection 10 (2).
3. A partner making, for the purpose of the partnership, any actual payment or advance beyond the amount of capital that he or she has agreed to subscribe is entitled to interest at the rate of 5 per cent per annum from the date of the payment or advance.
4. A partner is not entitled, before the ascertainment of profits, to interest on the capital subscribed by the partner.
5. Every partner may take part in the management of the partnership business.
6. No partner is entitled to remuneration for acting in the partnership business.
7. No person may be introduced as a partner without the consent of all existing 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 change may be made in the nature of the partnership business without the consent of all existing partners.
9. The partnership books are to be kept at the place of business of the partnership, or the principal place, if there is more than one, and every partner may, when he or she thinks fit, have access to and inspect and copy any of them. R.S.O. 1990, c. P.5, s. 24; 1998, c. 2, s. 4 .
This is not the official web site for the Ontario legislature or the Parliament of Canada.
The section data above may not be current. Please check statute at government site and consult with your own lawyer to ensure currency. Because this information comes from many sources who may be students and not lawyers or attorneys and because this site does NOT contain solicitor-to-client personalized advice it would be unsafe to apply this information to your particular set of facts. Do not rely upon this information. Consult a lawyer face-to-face.
Canada Statutes Ontario Statutes Edit
If you are a lawyer or a law student and you find an error or omission on this Business Law page, please notify Stephen R. Biss, Barrister & Solicitor, with a proper correction, addition, usable commentary, or cross-reference that we can add to this page and if we use it, we will create a free link to your Canadian law firm web site from this page. Stephen Biss does not normally practice Business Law, but there are many Toronto lawyers and other GTA Business Law lawyers who do. We maintain this database to stay current in areas of law where we do not normally practice.
Toronto lawyers, Toronto family law lawyers, other family law legislation
Toronto lawyers, Toronto wills law lawyers, other wills and estates law legislation
Toronto lawyers, Toronto business law lawyers, other business law legislation
Toronto lawyers, Toronto corporations law lawyers, other corporations law legislation
Toronto lawyers, Toronto civil litigation law lawyers, other litigation law legislation and rules
For more information respecting this database or to report misuse contact: Allbiss Lawdata Ltd., 303-470 Hensall Circle, Mississauga, Ontario, Canada, L5A 3V4. Allbiss Lawdata Ltd. is not a law firm. The author and the participants make no representation or warranty whatsoever as to the authenticity and reliability of the information contained herein. Advertisement. Any lawyers listed at this site do not practice in association. WARNING: All information contained herein is provided for the purpose of providing basic information only and should not be construed as formal legal advice. The authors disclaim any and all liability resulting from reliance upon such information. You are strongly encouraged to seek professional legal advice before relying upon any of the information contained herein. Legal advice should be sought directly from a properly retained lawyer or attorney.
Warning: This is NOT a government web site. The information provided herein has NOT been provided by a government. This information has been provided by a lawyer or attorney or student, for the purpose of providing basic information about the laws and regulations enacted by a government and the government offices that apply laws and regulations, and for the purpose of encouraging discussion and facilitating proper legal challenges related to the application of laws and regulations made by government. Citizens always have the right to challenge government. Citizens need independent information not provided by government about government offices, phone numbers, locations, and their services or lack thereof. Please note that the information provided may not be up to date. It is your responsibility to meet with a lawyer or attorney in person to get complete advice. Information provided by some government sites may also be sometimes out of date, sometimes incomplete, or sometimes focused on protection of government politicians, officers, policy initiatives, and interests. It is essential that you retain and instruct an independent lawyer or attorney to represent YOUR interests and inform you accordingly.