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A Partner of a Firm That Leases Residential Property to College

Question 3

Multiple Choice

A partner of a firm that leases residential property to college students allows his daughter to live in a partnership-owned apartment.Based on this situation,this partner:


A) has a duty to relinquish his management rights for misusing partnership property.
B) has a duty to account for the use of partnership property.
C) has a duty to return the personal profits secured through this transaction.
D) has a right to be indemnified for payments made from his personal funds.

Correct Answer:

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