29-1031

29-1031. Partner's rights and duties

A. Each partner is deemed to have an account that is both:

1. Credited with an amount equal to the money plus the value of any other property,
net of the amount of any liabilities, the partner contributes to the partnership and the
partner's share of the partnership profits.

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

B. 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.

C. 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.

D. A partnership shall reimburse a partner for an advance to the partnership beyond
the amount of capital the partner agreed to contribute.

E. A payment or advance that is made by a partner and that gives rise to a
partnership obligation under subsection C or D of this section constitutes a loan to the
partnership that accrues interest from the date of the payment or advance.

F. Each partner has equal rights in the management and conduct of the partnership
business.

G. A partner may use or possess partnership property only on behalf of the
partnership.

H. 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.

I. A person may become a partner only with the consent of all of the partners.

J. 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.

K. This section does not affect the obligations of a partnership to other persons
under section 29-1021.