Which of the following is incorrect with respect to the responsibilities of partners to each other?
A) Each partner owes the other partners a fiduciary duty.
B) Partners are free to compete with the partnership providing they do it on their own time.
C) Any information that one partner learns because of his position in the partnership must be used for the benefit of the partnership, not for personal use.
D) Unless the partners have agreed otherwise, profits and losses are shared equally.
E) Unless the partners have agreed otherwise, partners' expenses are to be reimbursed.

Question

Quizplus · Accepted Answer

Partners are not free to compete with the partnership, even on their own time, as this would violate their fiduciary duty to act in the best interests of the partnership.

Which of the Following Is Incorrect with Respect to the Responsibilities