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If a partnership agreement is silent on profit sharing, how are profits typicall
Practice Questions
Q1
If a partnership agreement is silent on profit sharing, how are profits typically divided?
Equally among all partners
Based on the capital contribution of each partner
According to the seniority of the partners
By mutual agreement only
Questions & Step-by-Step Solutions
If a partnership agreement is silent on profit sharing, how are profits typically divided?
Steps
Concepts
Step 1: Understand that a partnership agreement outlines how partners will share profits.
Step 2: If the agreement does not mention profit sharing, it means there are no specific rules.
Step 3: In this case, the default rule is to divide profits equally.
Step 4: This means each partner gets the same amount of profit, regardless of their investment or involvement.
Partnership Agreement
– A legal document that outlines the terms of a partnership, including profit sharing.
Profit Sharing
– The method by which profits are distributed among partners in a partnership.
Default Rules
– Legal principles that apply in the absence of specific agreements, such as equal profit sharing among partners.
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