There are no specific federal statutory laws w.r.t. the creation of partnerships in the US. Each state has its own set of statutory laws. However, certain â€œUniform Actsâ€ serve as â€œmodel lawsâ€ to create uniformity amongst the states. The Uniform Partnership Act governs the creation of partnerships in the US. The latest is the Revised Uniform Partnership Act (RUPA), and since it is non-binding, not all of the States abide by it. This Act lays down some specific rights and obligations of a partner. Therefore, both the partnership agreement and the statutory law (in this case, RUPA) govern the partnersâ€™ rights, and one of these rights is the right of inspection. This is the right that entitles a partner to access, inspect, and copy any of the records maintained by the partnership w.r.t. its business activities, finances, and other aspects. It falls under the broader right to information of a partner. The partnership is expected to maintain a record of their business activities which must be thorough and accurate. Each partner has a right to access any such record, inspect it and make its copies by section 408 clause (b) of the Uniform Partnership Act. However, certain conditions must follow:
A reasonable notice must be given for conducting such an inspection.
The inspection is to be conducted during the regular business hours of the partnership.
It must be at a reasonable location that is to be specified by the partnership itself.
It is allowed only to the extent that the information sought is significant to the partnerâ€™s rights and duties specified in the partnership agreement.
The right of inspection, thus, creates an obligation upon the remaining partners to hand over the necessary information that a partner seeks to inspect the same. It is an essential and irrevocable right but limited in its scope, time, and reach.
Following are some of the reasons which highlight the importance of a partnerâ€™s right of inspection:
The right of inspection allows the present and a former partner, their agents, or attorneys to access, inspect, and copy the partnership records.
It helps in clarifying the administrative, accounting, financial, and legal status of the partnership.
It aids the use of other rights within the partnership.
It enables the partners to audit the partnership so that the partnership can conduct its business more profitably.
It creates an atmosphere of clarity and allows for the smooth functioning of the partnership.
It especially helps former partners in recognizing their claims and rights.
Denial of Right of Inspection
A partnerâ€™s right of inspection is not an absolute right but a limited one. It is limited in its scope. Apart from the constraints of time and place as specified within section 408 of the Uniform Partnership Act, this right also has a limited scope for inspecting information. The partnership can deny a partnerâ€™s right of inspection when:
The partner seeking to exercise this right already knows such information as is sought;
The information so demanded is unreasonable;
The information belongs to a third party and is only being held by the partnership on its behalf;
The information is at risk of being misused by the partner seeking it;
The information is confidential or is a trade secret.
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