48-1d-401. Becoming partner. (1) Upon formation of a partnership, a person becomes a partner under Subsection 48-1d-202(1). (2) After formation of a partnership, a person becomes a partner: (a) as provided in the partnership agreement; (b) as a result of a transaction effective under Part 10, Merger, Interest Exchange, Conversion, and Domestication; or (c) with […]
48-1d-402. Management rights of partners. (1) Each partner has equal rights in the management and conduct of the partnership’s activities and affairs. (2) A partner may use or possess partnership property only on behalf of the partnership. (3) A partner is not entitled to remuneration for services performed for the partnership, except for reasonable compensation […]
48-1d-403. Rights of partners and person dissociated as partner to information. (1) A partnership shall keep its books and records, if any, at its principal office. (2) On reasonable notice, a partner may inspect and copy during regular business hours, at a reasonable location specified by the partnership, any record maintained by the partnership regarding […]
48-1d-404. Reimbursement, indemnification, advancement, and insurance. (1) A partnership shall reimburse a partner for any payment made by the partner in the course of the partner’s activities on behalf of the partnership, if the partner complied with Sections 48-1d-402 and 48-1d-405 in making the payment. (2) A partnership shall indemnify and hold harmless a person […]
48-1d-405. Standards of conduct for partners. (1) A partner owes to the partnership and the other partners the duties of loyalty and care stated in Subsections (2) and (3). (2) The duty of loyalty of a partner includes the duties: (a) to account to the partnership and hold as trustee for it any property, profit, […]
48-1d-406. Actions by partnership and partners. (1) A partnership may maintain an action against a partner for a breach of the partnership agreement, or for the violation of a duty to the partnership, causing harm to the partnership. (2) A partner may maintain an action against the partnership or another partner for legal or equitable […]
48-1d-407. Continuation of partnership beyond definite term or particular undertaking. (1) If a partnership for a definite term or particular undertaking is continued, without an express agreement, after the expiration of the term or completion of the undertaking, the rights and duties of the partners remain the same as they were at the expiration or […]
