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:

Financial

Relates to matters involving money, investments, revenues, and expenses, often focusing on the management of these elements for individuals, businesses, or governments.

Social Incentives

Motivations or rewards based on social factors, such as recognition or status within a community, that influence behavior.

Contractual

Relating to, involving, or established by a formal agreement, especially one legally enforceable between two or more parties.

Nonprofit Organization

An entity whose primary objective is to support an issue or matter of private interest or public concern for non-commercial purposes, without the intent of making a profit.