Which statement regarding the partnership F4 Enterprises is incorrect?

The reasoning for selecting that statement as incorrect lies in the general principles of partnership law. Within a partnership, all partners typically share both the profits and losses of the business unless there is an explicit agreement stating otherwise. The notion that one partner can be completely exempt from losses incurred by the partnership would usually require unanimous consent of all partners documented in an agreement.

In the absence of such an agreement, if one partner is exempted from losses while others are not, it creates an imbalance in the partnership structure and may lead to legal challenges. This reflects the foundational principle that all partners are liable for the debts and obligations incurred by the partnership unless explicitly stated. Thus, the assertion regarding Filoteo being validly exempt from losses contradicts the fundamental characteristics of partnership liability.

In contrast, the other statements align more closely with the principles governing partnerships. For instance, a partner can indeed engage in certain business activities independently, though limitations may be placed on partner activities to prevent conflicts of interest. Moreover, partners generally require consent before engaging in business activities that might affect the partnership. Thus, the complexities of partnership agreements and the obligations of partners effectively support the reasoning for why option B stands out as incorrect.