Question

Which of the following statements regarding partnership is incorrect?

Options

• Secrets are known to partners.

• Coordination between partners is not required.

• Ownership is shared by partners.

• Agreement is essential.

Answer 1

Coordination between partners is not required.

Explanation:

Partnership is an agreement between two or more persons to carry on a lawful business and share its profits. It requires mutual trust, cooperation, and coordination among partners to function effectively. Coordination is essential for smooth operation and decision-making in the partnership.