Partner's rights and duties. — Alaska Code § 32.06.401
Alaska Code § 32.06.401 — Partner's rights and duties.. Reproduced from the official Alaska Statutes, with a citation summary, verification link, and related provisions.
§ 32.06.401. Partner's rights and duties.
(a) Each partner is considered to have an account that is (1) credited with an amount equal to (A) the money and the value of any other property, net of the amount of any liabilities, the partner contributes to the partnership; and
(B) the partner's share of the partnership profits; and
(2) charged with an amount equal to (A) the money and the value of any other property, net of the amount of any liabilities, distributed by the partnership to the partner; and
(B) 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 incurred by the partner in the ordinary course of the business of the partnership or for the preservation of the partnership's 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 results in a partnership obligation under (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) Except as provided in AS 10.55 (Alaska Entity Transactions Act), a person may become a partner only with the consent of all 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 the partners.
(k) This section does not affect the obligations of a partnership to other persons under AS 32.06.301 .
Source: official Alaska text · Last verified 2026-08-27
At a glance
- Citation: Alaska Statutes § 32.06.401
- Jurisdiction: Alaska
- Code: Alaska Statutes
- Subject: Partner's rights and duties.
- Text: transcribed from the official source (verify below)
Verify the text
Statute text is transcribed from the official Alaska Statutes. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Alaska attorney.
Common questions
What is the source of Alaska Statutes § 32.06.401?
The text above is transcribed from the Alaska Statutes, the codified statutes of Alaska. The official publisher link appears under "Verify the text" on this page.
What subject does Alaska Statutes § 32.06.401 address?
It addresses "Partner's rights and duties.". Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Alaska Statutes § 32.06.401 still in force?
Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Alaska source before relying on this text.
Can this page be used as legal advice?
No. This is a reference transcription for research. Applying Alaska law to your facts requires a licensed Alaska attorney who can review the specifics.