Unit - 50 : Relations of Partners to one another Partnership is the relation between persons who have agreed to share the profits of a lawful business, carried on by all or any of them acting for all. There is a mutual relation of ' agency ' between the partners.
Any Partner can, by his acts , bind all the partners of the firm .
Every Partner is bound to indemnify the firm for any loss caused to the partnership firm by his fraud in the conduct of the business of the firm.
The partners of the firm can decide their mutual rights and duties and change them from time to time with the consent of all the partners.
The property of the firm has to be held and used by the partners exclusively for the purposes of the business.
The Partners can decide the use of the property by mutual consent.