Ohio Code § 1776.41
Ohio Code § 1776.41. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.
§ 1776.41.
(A) Each partner is deemed to have an account to which both of the following apply: (1) The account is 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; (2) The account is charged with an amount equal to the money plus the value of any other
property, net of the amount of any liabilities, the partnership distributes 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 the partner incurs in the ordinary course of the business of the partnership
or for the preservation of its business or property. (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 gives rise to a partnership obligation
under division (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 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 1776.31 of the Revised Code .
Source: official Ohio text · Last verified 2026-08-27
At a glance
- Citation: Ohio Revised Code § 1776.41
- Jurisdiction: Ohio
- Code: Ohio Revised Code
- Text: transcribed from the official source (verify below)
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Statute text is transcribed from the official Ohio Revised Code. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Ohio attorney.
Common questions
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The text above is transcribed from the Ohio Revised Code, the codified statutes of Ohio. The official publisher link appears under "Verify the text" on this page.
What subject does Ohio Revised Code § 1776.41 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
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Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Ohio source before relying on this text.
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