(a) Each partner is deemed to have an account that is:
(1) credited with an amount equal to the money plus the value of any other property,
net of the amount of any liabilities, the partner contributes to the partnership and
the partner's share of the partnership profits; and
(2) charged with an amount equal to the money plus the value of any other property,
net of the amount of any liabilities, distributed by the partnership to the partner
and the partner's share of the partnership losses.
(b) Each partner is entitled to an equal share of the partnership profits and is chargeable
with a share of the partnership losses in proportion to the partner's share of the
(c) A partnership shall reimburse a partner for payments made and indemnify a partner
for liabilities incurred by the partner in the ordinary course of the business of
the partnership or for the preservation of its business or property.
(d) A partnership shall reimburse a partner for an advance to the partnership beyond
the amount of capital the partner agreed to contribute.
(e) A payment or advance made by a partner which gives rise to a partnership obligation
under subsection (c) or (d) constitutes a loan to the partnership which accrues interest
from the date of the payment or advance.
(f) Each partner has equal rights in the management and conduct of the partnership
(g) A partner may use or possess partnership property only on behalf of the partnership.
(h) A partner is not entitled to remuneration for services performed for the partnership,
except for reasonable compensation for services rendered in winding up the business
of the partnership.
(i) A person may become a partner only with the consent of all of the partners.
(j) A difference arising as to a matter in the ordinary course of business of a partnership
may be decided by a majority of the partners. An act outside the ordinary course of business of a partnership and an amendment
to the partnership agreement may be undertaken only with the consent of all of the
(k) This section does not affect the obligations of a partnership to other persons
under section 323A.0301.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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