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In a partnership, how is profit typically shared among partners?
In a partnership, how is profit typically shared among partners?
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Practice Questions
1 question
Q1
In a partnership, how is profit typically shared among partners?
Equally
In proportion to capital contribution
As per partnership agreement
All of the above
Show Solution
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Profit sharing can be done equally, in proportion to capital contributions, or as specified in the partnership agreement.
Questions & Step-by-step Solutions
1 item
Q
Q: In a partnership, how is profit typically shared among partners?
Solution:
Profit sharing can be done equally, in proportion to capital contributions, or as specified in the partnership agreement.
Steps: 6
Show Steps
Step 1: Understand that a partnership is a business owned by two or more people.
Step 2: Know that profits are the money made after expenses are paid.
Step 3: Realize that partners can agree on how to share profits.
Step 4: One way to share profits is equally, meaning each partner gets the same amount.
Step 5: Another way is to share profits based on how much money each partner put into the business.
Step 6: Partners can also create a partnership agreement that specifies a different way to share profits.
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