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In a partnership, how is profit typically distributed among partners?
In a partnership, how is profit typically distributed among partners?
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Practice Questions
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Q1
In a partnership, how is profit typically distributed among partners?
Equally
Based on capital contribution
Based on partnership agreement
Equally after expenses
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Profit distribution in a partnership is typically based on the partnership agreement, which outlines the terms for sharing profits.
Questions & Step-by-step Solutions
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Q
Q: In a partnership, how is profit typically distributed among partners?
Solution:
Profit distribution in a partnership is typically based on the partnership agreement, which outlines the terms for sharing profits.
Steps: 5
Show Steps
Step 1: Understand that a partnership is an agreement between two or more people to run a business together.
Step 2: Know that profits are the money made from the business after expenses are paid.
Step 3: Look for the partnership agreement, which is a document that explains how profits will be shared.
Step 4: Check if the agreement states a specific percentage for each partner or if it divides profits equally.
Step 5: If there is no written agreement, partners usually share profits based on their contributions to the business.
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