Guam § 25401 - Rules Determining Rights and Duties of Partners.

§ 25401. Rules Determining Rights and Duties of Partners.

The rights and duties of the partners in relation to the partnership shall

be determined, subject to any agreement between them, by the following

rules:

(a) Each partner shall be repaid his contributions, whether by way

of capital or advances to the partnership property, and share equally in

the profits and surplus remaining after all liabilities, including those to

partners, and except for liabilities which are chargeable to one partner

only under Section 25307(c), are satisfied; and must contribute toward

the losses, whether of capital or otherwise, sustained by the partnership

according to his share in the profits.

(b) The partnership must indemnify every partner in respect to

payments made and personal liabilities reasonably incurred by him in

the ordinary and proper conduct of its business, or for the preservation

of its business or property.

(c) A partner, who in aid of the partnership makes any payment or

advance beyond the amount of the capital which he agreed to

contribute, shall be paid interest from the date of the payment or

advance.

(d) A partner shall receive interest on the capital contributed by

him only from the date when repayment should be made.

(e) All partners have equal rights in the management and conduct

of the partnership business.

(f) No partner is entitled to remuneration for acting in the

partnership business, except that a surviving partner is entitled to

reasonable compensation for his services in winding up the partnership

affairs.

(g) No person can become a member of a partnership without the

consent of all the partners.

(h) Any difference arising as to ordinary matters connected with

the partnership business may be decided by a majority of the partners;

but no act in contravention of any agreement between the partners may

be done rightfully without consent of all the partners.