True/False
If the partnership agreement does NOT specifically state how profits and losses are to be distributed,then the partners will share profits and losses equally.
Correct Answer:

Verified
Correct Answer:
Verified
Related Questions
Q1: In a partnership business,George has an ownership
Q2: Rodriguez and Ying start a partnership
Q3: Rex and Sandy are partners.Rex has a
Q4: Keith and Jim are partners.Keith has a
Q6: Dominic and Morgan are partners.Dominic has a
Q7: Gary,Peter and Chris own a firm as
Q8: Shaun and Rick are partners.Shaun has a
Q9: Marshall retires from the partnership of Marshall,Mark
Q10: Simonsen,Paulson and Richardson are partners in
Q11: Andre,Beau and Caroline share profits and losses