![]() ![]() If a partner derives any personal profit from partnership transactions or from the use of the property of the firm or business connection the firm or the firm’s name, he must account for such profit and pay it to the firm. The partners must hold and use the partnership property exclusively for the purpose of business of the firm not for their personal benefit. To hold and use partnership property exclusively for the firm: If any loss is caused to the firm because of a partner’s willful neglect in the conduct of the business or fraud commit by him against a third party then such partner must indemnify the firm for the loss. To indemnify for loss caused by fraud or willful neglect: ![]() But in practice, the working partners are generally paid remuneration as per agreement, so also commission in some case. ![]() Every partner is bound to attend diligently to duties in the conduct of the business of the firm.Ī partner is not entitled to receive any kind remuneration for taking part in the conduct of the business. ![]()
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