In a Partnership,when a Partner Makes a Secret Profit Through

question 87

Multiple Choice

In a partnership,when a partner makes a secret profit through a business transaction,what is the remedy for such a breach?

• A)Paying the other partners additional compensation
• B)Hiring another individual to carry out the duties of the partner
• C)Recovering the profits of the partner's competing venture
• D)Returning the profit made in the transaction

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Definitions:

Roth Retirement Plan

A type of retirement savings account allowing the saver to pay taxes on the money going into the account, with subsequent withdrawals being tax-free.

Taxable

Subject to taxation by government authorities.

Moral Hazard

Moral hazard refers to situations where one party engages in riskier behavior because they know another party bears the risk.

Collision Car Insurance

A type of auto insurance that covers damage to the policyholder's car resulting from a collision with another vehicle or object.