The Silent Partners in a Tyre Manufacturing Business Decide to Sell

question 15

Multiple Choice

The silent partners in a tyre manufacturing business decide to sell their interest to the active partners.In order to calculate a fair price, the silent partners request that their accountant be given access to the partnership archived financial records held at the tyre warehouse under mountains of old boxes.The active partners refuse since the partnership legislation provides only for a right of access to the records by 'a partner'.What is the true position?

• A)All partners are entitled to have the records inspected by an agent for appropriate purposes.
• B)Only the active partners are entitled to have the records inspected by an agent.
• C)The silent partners are not allowed to have the records inspected by an agent.
• D)The silent partners can have the records inspected by an accountant but not an agent of any other kind.

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Definitions:

Revoke

The act of officially cancelling or annuling something, such as a legal document, license, or privilege.

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