New Hampshire Revised Statutes 304-A:18 – Rules Determining Rights and Duties of Partners
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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:
I. Each partner shall be repaid such partner’s 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 N.H. Rev. Stat. § 304-A:15, II, each partner must contribute towards the losses, whether of capital or otherwise, sustained by the partnership according to such partner’s share in the profits.
II. The partnership must 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.
III. 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.
IV. A partner shall receive interest on the capital contributed by him only from the date when repayment should be made.
V. All partners have equal rights in the management and conduct of the partnership business.
VI. No partner is entitled to remuneration for acting in the partnership business, except that a surviving partner is entitled to reasonable compensation for his services in winding up the partnership affairs.
VII. No person can become a member of a partnership without the consent of all the partners.
VIII. 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 may be done rightfully without the consent of all the partners.
I. Each partner shall be repaid such partner’s 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 N.H. Rev. Stat. § 304-A:15, II, each partner must contribute towards the losses, whether of capital or otherwise, sustained by the partnership according to such partner’s share in the profits.
Terms Used In New Hampshire Revised Statutes 304-A:18
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
II. The partnership must 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.
III. 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.
IV. A partner shall receive interest on the capital contributed by him only from the date when repayment should be made.
V. All partners have equal rights in the management and conduct of the partnership business.
VI. No partner is entitled to remuneration for acting in the partnership business, except that a surviving partner is entitled to reasonable compensation for his services in winding up the partnership affairs.
VII. No person can become a member of a partnership without the consent of all the partners.
VIII. 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 may be done rightfully without the consent of all the partners.