Mutual rights and duties of partners govern LLP operations, requiring equal sharing, indemnity, participatory management and arbitration.

Where partners have not agreed otherwise, the Schedule prescribes that partners share equally in capital, profits and losses, may participate in management without remuneration, and that the LLP indemnifies partners for liabilities properly incurred while partners must indemnify the LLP for fraud. Admission of partners and changes in business nature require unanimous consent; other matters are decided by a majority with one vote per partner and recorded in minutes. Partners must render true accounts, account for profits from competing activities or unauthorised use of LLP assets, and unresolved agreement disputes are referred to arbitration.

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