Which of the following statements is true?
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Every partner cannot participate in the conduct of business.
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Every partner is bound to attend diligently to his duties in the conduct of business.
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Every partner can have access to inspect and copy only the books of accounts of firm.
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Even in the absence of any contract between the partners, a partner is entitled to receive remuneration for taking part in business.
Option (1) is incorrect: Under Section 12 of the Act, every partner can participate in the conduct of business subject to the contract between the partners. Option (2) is correct: Under Section 12 of the Act, every partner is bound to attend diligently to his duties in the company in the conduct of the business. Option (3) is incorrect: Under Section 12 of the Act, every partner does not have access to inspect and copy not only account books of the firm, he has right to have access to and to inspect and copy any of the books of the firm. Option (4) is incorrect: Under Section 13 of the Act, a partner is not entitled to receive remuneration for taking part in business subject to the contract between the partners.