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If a partnership agreement is silent on profit sharing, how are profits typically divided?

Practice Questions

1 question
Q1
If a partnership agreement is silent on profit sharing, how are profits typically divided?
  1. Equally among all partners
  2. Based on the capital contribution of each partner
  3. According to the seniority of the partners
  4. By mutual agreement only

Questions & Step-by-step Solutions

1 item
Q
Q: If a partnership agreement is silent on profit sharing, how are profits typically divided?
Solution: In the absence of a specific agreement, profits are typically divided equally among all partners.
Steps: 0

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