Every partner must account to the partnership for any benefit, and hold as trustee for it any profits derived by him or her without the consent of the other partners from any transaction connected with the formation, conduct, or liquidation of the partnership or from any use by him or her of its property.Group of answer choicesTrueFalse

Each partner has their own capital account (an equity account):

Every partner is a creditor of the partnership for whatever he or she promised to contribute to the common fund.Group of answer choicesTrueFalse

fundamentals of partnership

With respect to a partners fiduciary duty, partners must:Group of answer choicesprevent their personal interests from conflicting with the interest of the partnershipexpel any partner who breaches this dutycompete with the partnershipnot make secret profit even if they disclose the profit to the rest of the partners and get their approval

Which of the following is a right of a partner?(a) sharing profits and losses with other partners in the agreed ratio(b) inspecting and having a copy of the books of accounts(c) retiring from the firm without giving proper notice(d) taking part in the misconduct of the businessChoose the correct option:(i) Only (b) and (c)(ii) Only (c)(iii) Only (a) and (b)(iv) Only (a) and (d)