Question: Do people see what G+ Business Pages a Business Page follows? If I become my G+ Biz page and then go follow another G+ Biz page, will my G+ Biz page followers know or see that?
Answer: Let’s call your G+ Biz YOU, and the second G+ Biz COMP.
1) In your settings for YOU, you can go to the about tab and select which circles are visible, so if you put COMP in a special circle and then hide it from view, people visiting YOU page won’t see you have COMP in circles.
You could also hide all circles and nobody will know who you are following.
2) If people visit COMP and COMP is not hiding circles then people will see that YOU is in the circles following COMP