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Question
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.
Answer
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Related questions
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Which of the following can issue both National Pollution Discharge Elimination System (NPDES) permits and industrial discharge permits?
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A. Comprehensive Environmental Response Compensation and Liability Act
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A. Section 7 of the Clayton Act
B. The Robinson-Patman Act
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Q:
The maximum penalty for a criminal violation of the 1933 Act is a:
A. $20,000 fine and one year imprisonment.
B. $10,000 fine and five years' imprisonment.
C. $20,000 fine and five years' imprisonment.
D. $10,000 fine and one year imprisonment.
Q:
Nast Corp. orally engaged Baker & Co., CPAs, to audit its financial statements. The management of Nast informed Baker that it suspected the accounts receivable were materially overstated. Although the financial statements audited by Baker did, in fact, include a materially overstated accounts receivable balance, Baker issued an unqualified opinion. Nast relied on the financial statements in deciding to obtain a loan from Century Bank to expand its operations. Nast has defaulted on the loan and has incurred a substantial loss. If Nast sues Baker for negligence in failing to discover the overstatement, Baker's best defense would be that:
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Q:
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C. A securities broker who provides investment advice to retail investors.
D. An attorney who advises companies on corporation and business laws.