In the Absence of a Specific Provision in a General

question 17

Multiple Choice

In the absence of a specific provision in a general partnership agreement,partnership losses will be allocated:

• A)equally among the partners irrespective of the allocation of partnership profits.
• B)in the same proportion that profits are shared.
• C)in proportion to the partners' capital contributions.
• D)in proportion to the partners' capital contributions and outstanding loan balances.

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Definitions:

Executive Summary

A condensed abstract of a business plan used to spark the reader’s interest in the business and to highlight crucial information.

Products And Services

Various goods offered for sale and activities provided for consumer needs or desires.

Business Plan Template

A pre-formatted document that provides a structured outline for detailing the strategy, financials, and operational goals of a new or existing business.

Small Business Development Center

A partnership program primarily funded by the government to provide assistance to entrepreneurs and small businesses in terms of management, operations, and other support services.