If There Is No Explicit Partnership Agreement,each Partner Will Share

question 40

True/False

If there is no explicit partnership agreement,each partner will share in the profits of the partnership according to that partner's proportionate capital contribution.

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Definitions:

Health Insurance

A type of insurance coverage that pays for medical and surgical expenses incurred by the insured or reimburses them for expenses from illnesses or injuries.

Workers' Compensation Insurance

Insurance that provides medical benefits and wage replacement to employees injured on the job.

FUTA

This Act enforces a payroll tax on enterprises to finance state labor agencies, known as the Federal Unemployment Tax Act.

SUTA

State Unemployment Tax Act, which mandates unemployment insurance taxes that employers must pay.