A Partner Has All but Which of the Following Duties

question 28

Multiple Choice

A partner has all but which of the following duties?

• A) A duty of faithful service to the best of his ability.
• B) A duty to act in accordance with the partnership agreement.
• C) A duty not to engage in any other business while a partner.
• D) A duty not to acquire for himself a partnership opportunity without the consent of all the partners.

---

Definitions:

Working Capital

The disparity between an organization's immediate assets and liabilities, revealing its short-term fiscal stability and operational effectiveness.

Short-Term Liabilities

Financial obligations of a business that are due to be paid within one year.

Spontaneously

Occurring without external cause, acting or done impulsively and without premeditation.

Firm's Operations

The day-to-day activities involved in running a business, including production, marketing, and sales functions.