Question

In a partnership, partners may not compete against their own partnership unless:A. they do not monetarily benefit from their competing venture.B. they have been granted the apparent authority to do so.C. they obtain consent from other partners.D. they play the role of silent partners.

Answer 1

(C) Without the other partners' consent, partners in a partnership are not allowed to compete with one another.

What is a partnership?

In a partnership, parties who are referred to as business partners agree to work together to further their shared objectives. Individuals, companies, interest-based organizations, schools, governments, or combinations of these may be the partners in a partnership.

All partners in a general partnership corporation split the company's assets and debts equally. Lawyers and other professionals frequently create limited liability partnerships.

Partners in a partnership are prohibited from competing with one another unless they get the other partners' permission.

To sum up, while every partnership is different, all partnerships should have the aforementioned characteristics to achieve mutual success.

Keep in mind that both sides should be open to communication, reachable, adaptable, provide reciprocity, and have quantifiable results. These characteristics are essential for making the most of your collaboration arrangements.

Therefore, (C) without the other partners' consent, partners in a partnership are not allowed to compete with one another.

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