{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/50-73.99.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/50-73.99.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/50-73.99.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/50-73.99.html"}],"law_id":55472,"edition_id":1,"section_id":55472,"structure_id":14242,"section_number":"50-73.99","catch_line":"Partner’s rights and duties","history":"1996, c. 292.","full_text":"A\n\nEach partner is deemed to have an account that is:1\n\nCredited 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; and2\n\nCharged 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\n\nEach 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\n\nA 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; however, no person shall be required as a consequence of the indemnification to make any payment to the extent that the payment would be inconsistent with subsections B and C of § 50-73.96.D\n\nA partnership shall reimburse a partner for an advance to the partnership beyond the amount of capital the partner agreed to contribute.E\n\nA payment or advance made by a partner which gives rise to a partnership obligation under subsections C or D constitutes a loan to the partnership which accrues interest from the date of the payment or advance.F\n\nEach partner has equal rights in the management and conduct of the partnership business.G\n\nA partner may use or possess partnership property only on behalf of the partnership.H\n\nA 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\n\nA person may become a partner only with the consent of all of the partners.J\n\nA 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\n\nThis section does not affect the obligations of a partnership to other persons under § 50-73.91.","order_by":null,"text":{"0":{"id":203323,"text":"Each partner is deemed to have an account that is:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":203324,"text":"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","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":203325,"text":"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.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":203326,"text":"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.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2","next_prefix":"C"},"4":{"id":203327,"text":"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; however, no person shall be required as a consequence of the indemnification to make any payment to the extent that the payment would be inconsistent with subsections B and C of § 50-73.96.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"5":{"id":203328,"text":"A partnership shall reimburse a partner for an advance to the partnership beyond the amount of capital the partner agreed to contribute.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"6":{"id":203329,"text":"A payment or advance made by a partner which gives rise to a partnership obligation under subsections C or D constitutes a loan to the partnership which accrues interest from the date of the payment or advance.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"7":{"id":203330,"text":"Each partner has equal rights in the management and conduct of the partnership business.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"8":{"id":203331,"text":"A partner may use or possess partnership property only on behalf of the partnership.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"H"},"9":{"id":203332,"text":"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.","type":"section","prefixes":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G","next_prefix":"I"},"10":{"id":203333,"text":"A person may become a partner only with the consent of all of the partners.","type":"section","prefixes":["I"],"prefix":"I","entire_prefix":"I","prefix_anchor":"I","level":1,"prior_prefix":"H","next_prefix":"J"},"11":{"id":203334,"text":"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.","type":"section","prefixes":["J"],"prefix":"J","entire_prefix":"J","prefix_anchor":"J","level":1,"prior_prefix":"I","next_prefix":"K"},"12":{"id":203335,"text":"This section does not affect the obligations of a partnership to other persons under § 50-73.91.","type":"section","prefixes":["K"],"prefix":"K","entire_prefix":"K","prefix_anchor":"K","level":1,"prior_prefix":"J"}},"ancestry":[{"id":14242,"edition_id":1,"name":"Relations of Partners to Each Other and to Partnership","identifier":"4","label":"article","depth":3,"order_by":1,"parent_id":12958,"metadata":{},"date_created":"2026-06-26 03:47:25","date_modified":"2026-06-26 03:47:25","permalink":{"id":234809,"object_type":"structure","relational_id":14242,"identifier":"4","token":"50\/2.2\/4","url":"\/50\/2.2\/4\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12958,"edition_id":1,"name":"Virginia Uniform Partnership Act","identifier":"2.2","label":"chapter","depth":2,"order_by":1,"parent_id":12957,"metadata":{},"date_created":"2026-06-26 03:44:04","date_modified":"2026-06-26 03:44:04","permalink":{"id":234691,"object_type":"structure","relational_id":12958,"identifier":"2.2","token":"50\/2.2","url":"\/50\/2.2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12957,"edition_id":1,"name":"Partnerships","identifier":"50","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:04","date_modified":"2026-06-26 03:44:04","permalink":{"id":234229,"object_type":"structure","relational_id":12957,"identifier":"50","token":"50","url":"\/50\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":61034,"structure_id":14242,"section_number":"50-73.100","catch_line":"Distributions in kind","url":"\/50-73.100\/","token":"50\/2.2\/4\/50-73.100","metadata":false},{"id":78859,"structure_id":14242,"section_number":"50-73.101","catch_line":"Partner's rights and duties with respect to information","url":"\/50-73.101\/","token":"50\/2.2\/4\/50-73.101","metadata":false},{"id":68178,"structure_id":14242,"section_number":"50-73.102","catch_line":"General standards of partner's conduct","url":"\/50-73.102\/","token":"50\/2.2\/4\/50-73.102","metadata":false},{"id":87191,"structure_id":14242,"section_number":"50-73.103","catch_line":"Actions by partnership and partners","url":"\/50-73.103\/","token":"50\/2.2\/4\/50-73.103","metadata":false},{"id":67983,"structure_id":14242,"section_number":"50-73.104","catch_line":"Continuation of partnership beyond definite term or particular undertaking","url":"\/50-73.104\/","token":"50\/2.2\/4\/50-73.104","metadata":false},{"id":55472,"structure_id":14242,"section_number":"50-73.99","catch_line":"Partner's rights and duties","url":"\/50-73.99\/","token":"50\/2.2\/4\/50-73.99","metadata":false}],"previous_section":{"id":67983,"structure_id":14242,"section_number":"50-73.104","catch_line":"Continuation of partnership beyond definite term or particular undertaking","url":"\/50-73.104\/","token":"50\/2.2\/4\/50-73.104","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/50-73.99\/","history_text":"

This law was first created in 1996. The record of its establishment is cataloged in chapter 292<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":87191,"section_number":"50-73.103","catch_line":"Actions by partnership and partners","order_by":null,"url":"\/50-73.103\/"}],"refers_to":[{"id":78463,"section_number":"50-73.91","catch_line":"Partner agent of partnership","order_by":null,"url":"\/50-73.91\/"}],"permalink":{"id":234831,"object_type":"law","relational_id":55472,"identifier":"50-73.99","token":"50\/2.2\/4\/50-73.99","url":"\/50-73.99\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/50-73.99\/","token":"50\/2.2\/4\/50-73.99","dublin_core":{"Title":"Partner’s rights and duties","Type":"Text","Format":"text\/html","Identifier":"\u00a7 50-73.99","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Each partner is deemed to have an account that is: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Credited with an amount equal to the money plus the value of any other property<\/span>, net of the amount of any liabilities, the partner contributes to the partnership<\/span> and the partner’s share of the partnership<\/span> profits; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Charged with an amount equal to the money plus the value of any other property<\/span>, net of the amount of any liabilities, distributed by the partnership<\/span> to the partner and the partner’s share of the partnership<\/span> losses. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Each partner is entitled to an equal share of the partnership<\/span> profits and is chargeable with a share of the partnership<\/span> losses in proportion to the partner’s share of the profits. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A partnership<\/span> shall reimburse a partner for payments made and indemnify a partner for liabilities incurred by the partner in the ordinary course of the business<\/span> of the partnership<\/span> or for the preservation of its business<\/span> or property<\/span>; however, no person<\/span> shall be required as a consequence of the indemnification to make any payment to the extent that the payment would be inconsistent with subsections B and C of § 50-73.96<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> A partnership<\/span> shall reimburse a partner for an advance to the partnership<\/span> beyond the amount of capital the partner agreed to contribute. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> A payment or advance made by a partner which gives rise to a partnership<\/span> obligation under subsections C or D constitutes a loan to the partnership<\/span> which accrues interest from the date of the payment or advance. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> Each partner has equal rights in the management and conduct of the partnership<\/span> business<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> A partner may use or possess partnership<\/span> property<\/span> only on behalf of the partnership<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

H.<\/span> A partner is not entitled to remuneration for services performed for the partnership<\/span>, except for reasonable compensation for services rendered in winding up the business<\/span> of the partnership<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

I.<\/span> A person<\/span> may become a partner only with the consent of all of the partners. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

J.<\/span> A difference arising as to a matter in the ordinary course of business<\/span> of a partnership may be decided by a majority of the partners. An act outside the ordinary course of business<\/span> of a partnership and an amendment to the partnership agreement<\/span> may be undertaken only with the consent of all of the partners. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

K.<\/span> This section does not affect the obligations of a partnership to other persons<\/span> under § 50-73.91<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPARTNER’S RIGHTS AND DUTIES (\u00a7 50-73.99)\n\nA. Each partner is deemed to have an account that is:\n\n 1. Credited with an amount equal to the money plus the value of any other\n property, net of the amount of any liabilities, the partner contributes to the\n partnership and the partner’s share of the partnership profits; and\n\n 2. Charged with an amount equal to the money plus the value of any other\n property, net of the amount of any liabilities, distributed by the partnership\n to the partner and the partner’s share of the partnership losses.\n\nB. Each partner is entitled to an equal share of the partnership profits and is\nchargeable with a share of the partnership losses in proportion to the\npartner’s share of the profits.\n\nC. A partnership shall reimburse a partner for payments made and indemnify a\npartner for liabilities incurred by the partner in the ordinary course of the\nbusiness of the partnership or for the preservation of its business or property;\nhowever, no person shall be required as a consequence of the indemnification to\nmake any payment to the extent that the payment would be inconsistent with\nsubsections B and C of § 50-73.96.\n\nD. A partnership shall reimburse a partner for an advance to the partnership\nbeyond the amount of capital the partner agreed to contribute.\n\nE. A payment or advance made by a partner which gives rise to a partnership\nobligation under subsections C or D constitutes a loan to the partnership which\naccrues interest from the date of the payment or advance.\n\nF. Each partner has equal rights in the management and conduct of the\npartnership business.\n\nG. A partner may use or possess partnership property only on behalf of the\npartnership.\n\nH. A partner is not entitled to remuneration for services performed for the\npartnership, except for reasonable compensation for services rendered in winding\nup the business of the partnership.\n\nI. A person may become a partner only with the consent of all of the partners.\n\nJ. A difference arising as to a matter in the ordinary course of business of a\npartnership may be decided by a majority of the partners. An act outside the\nordinary course of business of a partnership and an amendment to the partnership\nagreement may be undertaken only with the consent of all of the partners.\n\nK. This section does not affect the obligations of a partnership to other\npersons under § 50-73.91.\n\nHISTORY: 1996, c. 292.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}