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Source Legal Writing Mechanics Complete MPT and Lawyering Skills List Showing the closest available flashcard practice.

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0 tracked cards Business Associations

Three partners formed a general partnership without a written agreement. One contributed 70 percent of the startup cash, another contributed 30 percent, and the third contributed only services. They did not discuss profits or losses. At year-end, the business had a profit.
How are profits and losses allocated under default rules?

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Profits are shared according to hours worked, and losses are shared according to capital contributions. No partner receives profits unless the partnership agreement is written. Profits are shared equally, and losses generally follow the profit-sharing ratio unless agreed otherwise. Profits and losses are both assigned by a court based solely on fairness.

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