If No Provision Relating to the Distribution of Profits and Losses

question 35

True/False

If no provision relating to the distribution of profits and losses is stated in the partnership agreement, then under RUPA Section 401(b), "each partner is entitled to an equal share of the partnership profits and is chargeable with a share of the partnership losses in proportion to the partner's share of profits."

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Definitions:

Specific Measurements

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Developing

Undergoing growth or progress, often used in the context of countries, organizations, or technologies.

Explanation

A statement or account that makes something clear by describing it in detail, often to elucidate a particular phenomenon.

Geologic Timescale

A system used by geologists to describe the timing and relationships between events that have occurred throughout Earth's history.