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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>55472</law_id><section_number>50-73.99</section_number><catch_line>Partner&amp;#8217;s rights and duties</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>50-73.103</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="50">Partnerships</unit><unit label="chapter" level="2" order_by="1" identifier="2.2">Virginia Uniform Partnership Act</unit><unit label="article" level="3" order_by="1" identifier="4">Relations of Partners to Each Other and to Partnership</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> Each partner is deemed to have an account that is: <a id="paragraph-203323" class="section-permalink" href="https://vacode.org/50-73.99/#A"><i class="fa fa-link"/></a></p></section>
						<section id="A1" class="indent-1"><p><span class="prefix-number">1.</span> Credited with an amount equal to the money plus the value of any other <span class="dictionary">property</span>, net of the amount of any liabilities, the partner contributes to the <span class="dictionary">partnership</span> and the partner&#x2019;s share of the <span class="dictionary">partnership</span> profits; and <a id="paragraph-203324" class="section-permalink" href="https://vacode.org/50-73.99/#A1"><i class="fa fa-link"/></a></p></section>
						<section id="A2" class="indent-1"><p><span class="prefix-number">2.</span> Charged with an amount equal to the money plus the value of any other <span class="dictionary">property</span>, net of the amount of any liabilities, distributed by the <span class="dictionary">partnership</span> to the partner and the partner&#x2019;s share of the <span class="dictionary">partnership</span> losses. <a id="paragraph-203325" class="section-permalink" href="https://vacode.org/50-73.99/#A2"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> Each partner is entitled to an equal share of the <span class="dictionary">partnership</span> profits and is chargeable with a share of the <span class="dictionary">partnership</span> losses in proportion to the partner&#x2019;s share of the profits. <a id="paragraph-203326" class="section-permalink" href="https://vacode.org/50-73.99/#B"><i class="fa fa-link"/></a></p></section>
						<section id="C"><p><span class="prefix-number">C.</span> A <span class="dictionary">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 <span class="dictionary">business</span> of the <span class="dictionary">partnership</span> or for the preservation of its <span class="dictionary">business</span> or <span class="dictionary">property</span>; however, no <span class="dictionary">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 &#xA7; <a class="law" title="Partner's liability" href="/50-73.96/">50-73.96</a>. <a id="paragraph-203327" class="section-permalink" href="https://vacode.org/50-73.99/#C"><i class="fa fa-link"/></a></p></section>
						<section id="D"><p><span class="prefix-number">D.</span> A <span class="dictionary">partnership</span> shall reimburse a partner for an advance to the <span class="dictionary">partnership</span> beyond the amount of capital the partner agreed to contribute. <a id="paragraph-203328" class="section-permalink" href="https://vacode.org/50-73.99/#D"><i class="fa fa-link"/></a></p></section>
						<section id="E"><p><span class="prefix-number">E.</span> A payment or advance made by a partner which gives rise to a <span class="dictionary">partnership</span> obligation under subsections C or D constitutes a loan to the <span class="dictionary">partnership</span> which accrues interest from the date of the payment or advance. <a id="paragraph-203329" class="section-permalink" href="https://vacode.org/50-73.99/#E"><i class="fa fa-link"/></a></p></section>
						<section id="F"><p><span class="prefix-number">F.</span> Each partner has equal rights in the management and conduct of the <span class="dictionary">partnership</span> <span class="dictionary">business</span>. <a id="paragraph-203330" class="section-permalink" href="https://vacode.org/50-73.99/#F"><i class="fa fa-link"/></a></p></section>
						<section id="G"><p><span class="prefix-number">G.</span> A partner may use or possess <span class="dictionary">partnership</span> <span class="dictionary">property</span> only on behalf of the <span class="dictionary">partnership</span>. <a id="paragraph-203331" class="section-permalink" href="https://vacode.org/50-73.99/#G"><i class="fa fa-link"/></a></p></section>
						<section id="H"><p><span class="prefix-number">H.</span> A partner is not entitled to remuneration for services performed for the <span class="dictionary">partnership</span>, except for reasonable compensation for services rendered in winding up the <span class="dictionary">business</span> of the <span class="dictionary">partnership</span>. <a id="paragraph-203332" class="section-permalink" href="https://vacode.org/50-73.99/#H"><i class="fa fa-link"/></a></p></section>
						<section id="I"><p><span class="prefix-number">I.</span> A <span class="dictionary">person</span> may become a partner only with the consent of all of the partners. <a id="paragraph-203333" class="section-permalink" href="https://vacode.org/50-73.99/#I"><i class="fa fa-link"/></a></p></section>
						<section id="J"><p><span class="prefix-number">J.</span> A difference arising as to a matter in the ordinary course of <span class="dictionary">business</span> of a partnership may be decided by a majority of the partners. An act outside the ordinary course of <span class="dictionary">business</span> of a partnership and an amendment to the <span class="dictionary">partnership agreement</span> may be undertaken only with the consent of all of the partners. <a id="paragraph-203334" class="section-permalink" href="https://vacode.org/50-73.99/#J"><i class="fa fa-link"/></a></p></section>
						<section id="K"><p><span class="prefix-number">K.</span> This section does not affect the obligations of a partnership to other <span class="dictionary">persons</span> under &#xA7; <a class="law" title="Partner agent of partnership" href="/50-73.91/">50-73.91</a>. <a id="paragraph-203335" class="section-permalink" href="https://vacode.org/50-73.99/#K"><i class="fa fa-link"/></a></p></section></text><history>1996, c. 292.</history><metadata></metadata></law>
