Unless It Is Otherwise Agreed in the Articles of Partnership

question 94

Multiple Choice

Unless it is otherwise agreed in the articles of partnership, which of the following is true regarding the rights of partners to share in profits?

• A) All partners have a right to share profits equally.
• B) Partners share in profits in proportion to the amount of capital contributed to the partnership.
• C) Partners share in profits in proportion to the amount of work done for the partnership.
• D) Partners share in profits in proportion to their seniority with the partnership with partners of equal seniority sharing equally in profits.
• E) None of these. There is no partnership unless the articles of partnership specifically address the way in which profits are allocated.

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Definitions:

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