- Alaska Statutes.
- Title 32. Partnership
- Chapter 6. Uniform Partnership Act
- Section 401. Partner's Rights and Duties.
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AS 32.06.401. Partner's Rights and Duties.
- (a) Each partner is considered to have an account that is
- (1) credited with an amount equal to
- (A) the money and the value of any other property, net of the amount of any liabilities, the partner contributes to the
- (B) the partner's share of the partnership profits; and
- (2) charged with an amount equal to
- (A) the money and the value of any other property, net of the amount of any liabilities, distributed by the partnership to
the partner; and
- (B) 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 the partnership's business
- (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 that results in a partnership obligation under (c) or (d) of this section
constitutes a loan to the partnership that 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 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 the partners.
- (k) This section does not affect the obligations of a partnership to other persons under AS 32.06.301
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