Okla. Stat. tit. 54, § 54-1-401
This is the official text of Okla. Stat. tit. 54, § 54-1-401, part of Oklahoma’s Stat. tit. 54, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 54,." Browse the sections below, each linked to its official government source.
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Partner's Rights and Duties
Official statutory text
Partner's Rights and Duties. (a) Each partner is deemed to
have an account that is:
(1) 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; and
(2) charged with an amount equal to the money plus the value of
any other property, net of the amount of any liabilities,
distributed by the partnership 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 incurred by the partner in
the ordinary course of the business of the partnership or for the
preservation of its business or property.
Oklahoma Statutes - Title 54. Partnership Page 26
(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 which gives rise to
a partnership obligation under subsection (c) or (d) of this section
constitutes a loan to the partnership which 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 13 of this act.
have an account that is:
(1) 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; and
(2) charged with an amount equal to the money plus the value of
any other property, net of the amount of any liabilities,
distributed by the partnership 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 incurred by the partner in
the ordinary course of the business of the partnership or for the
preservation of its business or property.
Oklahoma Statutes - Title 54. Partnership Page 26
(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 which gives rise to
a partnership obligation under subsection (c) or (d) of this section
constitutes a loan to the partnership which 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 13 of this act.
Status: in_force · Read it on the official government site
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