In a partnership, the conduct of members is guided by

Step 1: Analyze the question The question asks which document guides how members of a partnership behave and relate to one another.

Step 2: Explain the concept A partnership is a business owned by 2 to 20 people (in Nigeria, generally). Partners usually sign a written agreement called the Partnership Deed, also known as the Articles of Partnership. It sets out:

• How much capital each partner contributes
• How profits and losses are shared
• Each partner's duties and powers
• Rules for admitting new partners or when a partner leaves
• Interest on capital and salaries, if any

Step 3: Check the options

• A. Memorandum of understanding: a general agreement between parties, not the specific document for partnerships.
• B. The article of partnership: this is the document that governs partners' conduct. ✔
• C. Article of association: this belongs to a limited liability company. It governs the internal rules of a company, not a partnership.
• D. Partnership constitution: this is not the standard term. Constitutions belong to clubs, societies, or nations.

Step 4: Answer The correct option is B, the article of partnership.

Exam tip: Match the document to the business type:

• Partnership → Articles of Partnership (Partnership Deed)
• Company → Memorandum and Articles of Association

Remember: "Partners have a Deed, Companies have Association."