Nevada § 87.180 - Rules determining rights and duties of partners

§ 87.180. Rules determining rights and duties of partners

The rights and duties of the partners in relation to the partnership are determined,

subject to any agreement between them, by the following rules: 1. Each partner must be repaid his or her 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, are satisfied. Except as otherwise provided in subsection 2 of NRS 87.150 , each partner shall contribute towards the losses, whether of capital or otherwise,

sustained by the partnership according to his or her share in the profits. 2. The partnership shall indemnify every partner in respect of payments made and personal

liabilities reasonably incurred by the partner in the ordinary and proper conduct

of its business, or for the preservation of its business or property. 3. A partner, who in aid of the partnership makes any payment or advance beyond the

amount of capital which the partner agreed to contribute, must be paid interest from

the date of the payment or advance. 4. A partner may receive interest on the capital contributed by him or her only from

the date when repayment should be made. 5. All partners have equal rights in the management and conduct of the partnership

business. 6. No partner is entitled to remuneration for acting in the partnership business,

except that a surviving partner is entitled to reasonable compensation for his or

her services in winding up the partnership affairs. 7. No person may become a member of a partnership without the consent of all the partners. 8. Any difference arising as to ordinary matters connected with the partnership business

may be decided by a majority of the partners. No act in contravention of any agreement between the partners may be done rightfully

without the consent of all the partners.