A Partnership Agreement Sets How the Partners Will Be Compensated

question 122

Multiple Choice

A partnership agreement sets how the partners will be compensated.Normally:

• A)partners are not entitled to salaries or wages,but are compensated by a share of the profits of the business.
• B)the general partner's salary is set at 2 times the salaries of the limited partners.
• C)both general and limited partners are permitted salaries,but all silent or dormant partners are compensated only by sharing in the profits.
• D)while the agreement establishes payout schedules,it does not spell out what constitutes profit.

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