You have been asked to draft a partnership deed for a small retail firm of five partners.
State the matters, if any, that you will omit from the partnership deed on the basis that they are implied by the Partnership Act (Cap 29) Laws of Kenya
Partners share profit or loss equally
A partner who incurs loss or liability while discharging the firms obligations is entitle to indemnity.
A partner who lends money to the firm is entitled to interest at the rate of 6% per annum.
A partner is entitled to take part in the management of the firms business.
A partner is not entitled to remuneration for taking part in the management of the firm business.
A person cannot be admitted as a partner without consent of all existing partners
Difference in ordinary matters may be decided by majority of the partners
The firm cannot change its business without the consent of all partners
Every partner has the right of access to the firms books of accounts.
A partner cannot be expelled by the others unless the power to do so by expressly vested on them