A must read for all the Partners of LLP. All about your rights and duties at holding the position of a Partner.

LLP is acronym for Limited Liability Partnership firm. This form of business has developed lately and has gained immense popularity. Like partner of any other type of partnership business, the Partner of a LLP also has certain duties and rights. This article brings to you all those duties and rights of a Partner in LLP.

• The obvious duties of the Partners of LLP are to carry on the business with almost dedication, to be faithful to their counterparts, and to be honest in terms of maintaining accounts and information concerned with the business.

• One important duty of every LLP partner is to recoup the firm's account in case losses due to any kind of reason.

The rights of each partner of a LLP are subjected in the agreement signed between them. If any changes are to be brought regarding the rights of the partners, amendments should be made in the agreement. Your rights as the Partner in a LLP are enlisted below:

• It is essentially the right of every partner to contribute towards the conduct of the business of the LLP.

• Every Partner has the right to hold and express his personal opinion in every decision of the business. However the majority wins.

• Every Partner has a right to have access the accounts of the business.

• In case one of the partner dies, the legal heirs or legal are entitled to his rights of accessing the book of accounts of the LLP.

• All property and right on the assets purchased or developed with the money of the LLP are deemed to belong to the LLP.

• All the property that is entitled to the LLP has to be held and used by the partners for the purpose of business only.

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