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How is the profit-sharing ratio determined when a new partner is admitted?
How is the profit-sharing ratio determined when a new partner is admitted?
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Practice Questions
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Q1
How is the profit-sharing ratio determined when a new partner is admitted?
Equal distribution among all partners
Based on capital contribution
Based on previous profit-sharing ratios
Negotiated among partners
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The profit-sharing ratio is typically negotiated among partners, considering their contributions and agreements.
Questions & Step-by-step Solutions
1 item
Q
Q: How is the profit-sharing ratio determined when a new partner is admitted?
Solution:
The profit-sharing ratio is typically negotiated among partners, considering their contributions and agreements.
Steps: 5
Show Steps
Step 1: Understand that the profit-sharing ratio is how profits are divided among partners.
Step 2: When a new partner joins, the existing partners discuss how to share profits.
Step 3: Consider the contributions of each partner, including money, assets, or skills.
Step 4: Discuss and agree on a fair ratio that reflects each partner's contribution.
Step 5: Document the agreed profit-sharing ratio in a partnership agreement.
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