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. Partners are entitled to reimbursement for any expenses they incur in the course of doing business for the partnership. Right to information A partnership must provide all partners access to its books and records.
Partners have the right to inspect and copy books and records during ordinary business hours.
According to the UPA, a partnership may impose a reasonable charge, covering the costs of labor and material, for copies of documents furnished. A partner has the right to dissociate from the partnership. Generally, when one partner leaves, the partnership dissolves. However, the partnership agreement can include provisions allowing the partnership to continue. If the partnership will continue after a partner leaves, the remaining partners must buy out the leaving partner's interest.