Rights Of A Partner.docx

Rights of a Limited Partner 1. Right to have partnership books kept at principal place of business. 2. Right to inspect/copy books at reasonable hour. 3. Right to have on demand true and full info of all things affecting partnership. 4. Right to have formal account of partnership affairs whenever circumstances render it just and reasonable. 5. Right to ask for dissolution and winding up by decree of court. 6. Right to receive share of profits/other compensation by way of income. 7. Right to receive return of contributions provided the partnership assets are in excess of all its liabilities.

Rights of an Assignee 1. Get whatever assignor-partner would have obtained 2. Avail usual remedies in case of fraud in the management 3. Ask for annulment of contract of assignment if he was induced to join through any of the vices of consent 4. Demand an accounting (only in case of dissolution)