Themba, Philip and Sophy want to start a business. They agree that Themba and Philip will each contribute R50 000, while Sophy will contribute R80 000. They want to operate their business in the form of a partnership but are not sure about their duties and rights as partners. Which ONE of the following statements regarding the rights and duties of partners is CORRECT?

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The partners may use the assets of the partnership for personal aims.

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If one of the partners fails to deliver his or her contribution to the partnership, the other partners may use the actio pro socio to force him or her to deliver such contribution.

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Each partner is entitled to share equally in the profits of the partnership.

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Each partner is entitled to participate in the management of the partnership in proportion to the contribution he or she made to the partnership.

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Themba, Philip and Sophy want to start a business. They agree that Themba and Ph...

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