Which of the following is INCORRECT? Select one: a. Partners must render true accounts and full information. b. Once the partners agree to dissolve the partnership (that is, bring the partnership to an end), the partner’s fiduciary obligations also cease at that point. c. Partners must not make secret profits and they have a duty to account for benefits received in connection with the partnership. d. Partners have a fiduciary and a statutory duty not to compete with the partnership.

Which ONE of the following statements regarding the dissolution of a partnership is CORRECT?a.Upon dissolution of the partnership the partners are individually liable for the partnership’s obligations.b.Admitting a new member to an existing partnership does not create a new partnership.c.Upon dissolution of the partnership any surplus money after payment of creditors is divided amongst the partners.d.The dissolution of the partnership terminates the fiduciary duties partners owe to one another

Which of the following statements is INCORRECT? Select one: a. A partnership agreement must be in writing. It cannot be reached orally or by a course of conduct. b. The Partnership Act determines partners’ rights, duties and interests, if not included in the partnership agreement. c. The rights and obligations of partners to each other arise from the partnership agreement, the statute, and the equitable concept of the fiduciary. d. If an agreement provides that a person should be paid a percentage of the profits made by their firm, they may be a partner and jointly liable to creditors of the firm.

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 ONE of the following statements is CORRECT?a.In the absence of any provision in the contract that regulates how partners will share in the profit, a division of assets upon dissolution is made in proportion to the partners’ respective contributions to the enterprise.b.The assets of the partnership do not belong to the partners, but to the partnership.c.In the absence of any provision in a contract that regulates how partners share in the net profit or loss of the partnership, the net profit or loss is shared equally by all the partners.d.The natural consequences of a contract are those consequences which apply to a particular type of contract by choice of the parties to that contract.

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)