{"data":{"id":"us-ky/krs-362.235","jurisdiction":"us-ky","citation":"KRS 362.235","heading":"Rules determining rights and duties of partners.","body":"The rights and duties of the partners in relation to the partnership shall be determined,\nsubject to any agreement between them, by the following rules:\n(1) Each partner shall be repaid his contributions, whether by way of capital or\nadvances to the partne rship property, and share equally in the profits and surplus\nremaining after all liabilities, including those to partners, are satisfied; and, except\nas provided in KRS 362.220(2), each partner shall contribute toward the losses,\nwhether of capital or othe rwise, sustained by the partnership according to his share\nin the profits.\n(2) Except as provided in KRS 362.220(2), the partnership shall indemnify every\npartner in respect of payments made and personal liabilities reasonably incurred by\nhim in the ordinary and proper conduct of its business, or for the preservation of its\nbusiness or property.\n(3) A partner, who in aid of the partnership makes any payment or advance beyond the\namount of capital which he agreed to contribute, shall be paid interest from th e date\nof the payment or advance.\n(4) A partner shall receive interest on the capital contributed by him only from the date\nwhen repayment should be made.\n(5) All partners have equal rights in the management and conduct of the partnership\nbusiness.\n(6) No partner shall be entitled to remuneration for acting in the partnership business,\nexcept that a surviving partner shall be entitled to reasonable compensation for his\nservices in winding up the partnership affairs.\n(7) No person shall become a member of a partnership without the consent of all the\npartners.\n(8) Any difference arising as to ordinary matters connected with the partnership\nbusiness may be decided by a majority of the partners; but no act in contravention of\nany agreement between the partners s hall be done rightfully without the consent of\nall the partners.","path":["KRS Chapter 362"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=34306","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:55Z","sha256":"8f77eb4d144910fa5d9881067121a20854357c618bd8e16a870ae645ccc588b3","source_id":"us-ky","stale":false,"prev":"us-ky/krs-362.230","next":"us-ky/krs-362.240"},"notice":"GroundRules: Original legal text. Not legal advice."}