If Division of Profits in a Partnership Is Not Specified

question 76

Multiple Choice

If division of profits in a partnership is not specified, profit (loss) is assumed to be

• A) allocated to general partners first.
• B) allocated based on capital contribution.
• C) held within the partnership.
• D) allocated equally.

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Definitions:

Battery

A criminal offense involving the unlawful physical acting upon a threat, distinct from assault which is the act of creating apprehension of such contact.

Assault

An act that intentionally places another person in apprehension of imminent harmful or offensive contact.

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Contributory negligence is a legal principle where a plaintiff's own negligence partially contributes to the harm they have suffered, potentially reducing or barring their ability to recover damages.

Crosswalk

A designated part of a road at which pedestrians have the right-of-way to cross, often marked with lines.