Practicing Success
If a Partner derives any profit for himself/herself from any transaction of firm or use of property of business .............. |
He/she can keep as personal profit He/she has to pay it to the firm He/she has to pay it to the firm and claim from the business, if there is any loss He/she may divide among the partner as he/she wishes |
He/she has to pay it to the firm |
The correct answer is Option (2) - He/she has to pay it to the firm. (i) If a partner derives any profit for him/herself from any transaction of the firm or from the use of the property or business connection of the firm or the firm name, he/she shall account for the profit and pay it to the firm. |