LD 1609
pg. 55
Page 54 of 148 An Act To Establish the Uniform Partnership Act Page 56 of 148
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LR 1469
Item 1

 
B.__Charged with an amount equal to the money plus the value
of any other property, net of the amount of any liabilities,
that is distributed by the partnership to the partner and
the partner's share of the partnership losses.

 
2.__Partnership profits and losses.__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 profits.

 
3.__Reimbursement and indemnification.__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.

 
4.__Advance to partnership.__A partnership shall reimburse a
partner for an advance to the partnership beyond the amount of
capital the partner agreed to contribute.

 
5.__Loan to partnership; interest.__A payment or advance made
by a partner that gives rise to a partnership obligation under
subsection 3 or 4 constitutes a loan to the partnership that
accrues interest from the date of the payment or advance.

 
6.__Management and conduct of business.__Each partner has
equal rights in the management and conduct of the partnership
business.

 
7.__Use or possess partnership property.__A partner may use or
possess partnership property only on behalf of the partnership.

 
8.__Remuneration.__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.

 
9.__Consent of all partners required.__A person may become a
partner only with the consent of all of the partners.

 
10.__Decision by majority or unanimous.__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 partners.


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