{"data":{"id":"us-ok/okla.-stat.-tit.-54-54-1-401","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 54, § 54-1-401","heading":"Partner's Rights and Duties","body":"Partner's Rights and Duties. (a) Each partner is deemed to\n\nhave an account that is:\n\n(1) credited with an amount equal to the money plus the value\n\nof any other property, net of the amount of any liabilities, the\n\npartner contributes to the partnership and the partner's share of\n\nthe partnership profits; and\n\n(2) charged with an amount equal to the money plus the value of\n\nany other property, net of the amount of any liabilities,\n\ndistributed by the partnership to the partner and the partner's\n\nshare of the partnership losses.\n\n(b) Each partner is entitled to an equal share of the\n\npartnership profits and is chargeable with a share of the\n\npartnership losses in proportion to the partner's share of the\n\nprofits.\n\n(c) A partnership shall reimburse a partner for payments made\n\nand indemnify a partner for liabilities incurred by the partner in\n\nthe ordinary course of the business of the partnership or for the\n\npreservation of its business or property.\n\n(d) A partnership shall reimburse a partner for an advance to\n\nthe partnership beyond the amount of capital the partner agreed to\n\ncontribute.\n\n(e) A payment or advance made by a partner which gives rise to\n\na partnership obligation under subsection (c) or (d) of this section\n\nconstitutes a loan to the partnership which accrues interest from\n\nthe date of the payment or advance.\n\n(f) Each partner has equal rights in the management and conduct\n\nof the partnership business.\n\n(g) A partner may use or possess partnership property only on\n\nbehalf of the partnership.\n\n(h) A partner is not entitled to remuneration for services\n\nperformed for the partnership, except for reasonable compensation\n\nfor services rendered in winding up the business of the partnership.\n\n(i) A person may become a partner only with the consent of all\n\nof the partners.\n\n(j) A difference arising as to a matter in the ordinary course\n\nof business of a partnership may be decided by a majority of the\n\npartners. An act outside the ordinary course of business of a\n\npartnership and an amendment to the partnership agreement may be\n\nundertaken only with the consent of all of the partners.\n\n(k) This section does not affect the obligations of a\n\npartnership to other persons under Section 13 of this act.","path":["OK Code","Title 54"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os54.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"e2c2f9c47b31ea83d9f3aba089f53a27669594ddb5da067c1dcbe469b026fa85","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-54-54-1-309","next":"us-ok/okla.-stat.-tit.-54-54-1-402"},"notice":"GroundRules: Original legal text. Not legal advice."}