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.

Status: in_force · Read it on the official government site

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About this page: Statute text is reproduced from official government publishers via the Open US Law dataset (Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine (Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.