In the absence of any agreement between the partners, how must profits and losses be shared? If

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In the absence of any agreement between the partners, how must profits and losses be shared? If the partnership agreement specifies how profits are to be shared, but there is no agreement as to how losses are to be shared, what must be true with respect to losses?


Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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College Accounting

ISBN: 978-0538745192

20th Edition

Authors: Heintz and Parry

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