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        Partnership Firms

        Section 16 - Personal profits earned by partners

        Indian Partnership Act, 1932
        Chapter III
        RELATIONS OF PARTNERS TO ONE ANOTHER

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        Partner duty to account for personal profits from firm transactions or competing business must be paid to the firm. Partners must account for and pay to the firm any personal profits derived from firm transactions, use of firm property, business connections or the firm name, and must also account for and pay profits made from conducting a competing business, subject to any contract between the partners.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Partner duty to account for personal profits from firm transactions or competing business must be paid to the firm.

                              Partners must account for and pay to the firm any personal profits derived from firm transactions, use of firm property, business connections or the firm name, and must also account for and pay profits made from conducting a competing business, subject to any contract between the partners.


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