Mutual rights and duties govern partner profit sharing, management participation, fiduciary obligations and dispute arbitration. Default statutory provisions govern partners' mutual rights and duties where no agreement exists: equal sharing of capital, profits and losses; participation in management without remuneration; LLP indemnity for liabilities incurred in ordinary business or preservation of assets; partner indemnity to LLP for fraudulent loss; unanimous consent required for admission of new partners and for changing the nature of the business; majority voting for ordinary matters with minutes maintained; duty to account for competitive or unauthorised benefits; and arbitration for unresolved disputes.