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What is the duty of every partner in a business?
What is the duty of every partner in a business?
- To be dishonest and unfaithful
- To carry on business to the greatest common advantage and render true accounts (correct)
- To keep relevant information about the firm secret
- To maximize personal profit
What must a partner do if they cause loss to their co-partners through fraud?
What must a partner do if they cause loss to their co-partners through fraud?
- Deny any wrongdoing and refuse to take responsibility
- Nothing, it is not their responsibility
- Blame the other partners for not preventing the fraud
- Pay for the losses caused by their actions (correct)
What is required for a change in nature of business or the introduction of a new partner?
What is required for a change in nature of business or the introduction of a new partner?
- Unanimous consent from all partners (correct)
- Approval from the partner with the largest share in the business
- No approval necessary, partners can make changes independently
- Simple majority vote from all partners
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