Ohio § 1776.41
Full text of Ohio Ohio Revised Code § 1776.41, with citation guidance and answers to common questions.
§ 1776.41.
(A) Each partner is deemed to have an account to which both of the following apply: (1) The account is 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) The account is charged with an amount equal to the money plus the value of any other
property, net of the amount of any liabilities, the partnership distributes 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 the partner incurs 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 made by a partner that gives rise to a partnership obligation
under division (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 1776.31 of the Revised Code .
Frequently Asked Questions About Ohio § 1776.41
What does Ohio Revised Code § 1776.41 cover?
Section 1776.41 is part of the Ohio Revised Code, the codified statutory law of Ohio. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Ohio § 1776.41?
A common citation format is "Ohio Revised Code § 1776.41" (Ohio). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 1776.41 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Ohio.