Anyone can explain about the point: *right to be indemnified* - Rights of a partner

Ayush · 25 Nov 2023

Right to indemnify in simple terms means that when any partner occurs any expenditures or honours any liability on behalf of the firm then the partner has right to be indemnified for the amount so spent by the firm. Whereas its the DUTY or liability of the partner to indemnify the firm for any losses firm has incured because of him or any expenses incurred on behalf of the partner. Right to be indemnified must not be confused or be mixed with duty to indemnify both concepts are different

Aayushi · 23 Nov 2023

The firm shall indemnify a partner in respect of payments made and liabilities incurred by him. a partner shall indemnify the firm for any loss caused to it by his willful neglect in the conduct of the business of the firm.

Ashok · 23 Nov 2023

Every partner shall indemnify the firm for any loss caused to it by his fraud in the conduct of the business of the firm.

Kavitha · 23 Nov 2023

Exactly 💯💯

Hello · 23 Nov 2023

If a partner suffers from any loss or pay on the behalf of firm then he has right to claim compensation