This means partners must always act with fairness, good faith and for the benefit of the partnership and the other partners. A partner will breach his or her duty of care to the partnership, if he or she engages in grossly negligent or reckless conduct, intentional misconduct or a knowing violation of the law. Partners may expel from the partnership a partner who breaches a fiduciary duty. This does not mean that a partner cannot act in his or her own interest. For example, a partner who owns a separate business may vote against a proposal by the partnership to open a business that competes with the partner's business.
All partners are responsible for any business losses.
If one partner cannot pay his or her share, the other partners must make up the difference. Right to payment Partners are not entitled to receive a salary, though the partnership agreement may provide for salaries. Instead, partners share profits. Unless otherwise provided for in the partnership agreement, partners share profits and losses equally. Profits and losses are generally allocated at the end of each year unless the partnership agreement gives partners the right to periodic distributions of profits.