Question

If the absence of an agreement to the contrary in partnership, what are the all partners entitled?
a) A share in running of the business
b) An equal share of profits I
c) Equally contribute to any losses
d) All of above​

Answer 1

Answer:

d) All of above​

Explanation:

A partnership agreement provides guidelines on how two or more partners will manage their partnership business. It is the contract that dictates each partner's roles,  profit and loss sharing formula, and personal liability of each in case of insolvency.

In the absence of a partnership agreement, the law prescribes that partners share profits and losses equally. All partners assume equal rights to responsibilities and liabilities.