ABC Partnership is a limited partnership and was started by Partners A, B, and C in Year 1.The written partnership agreement is silent as to how the partners share in profits and losses. Partner A has capital contributions of $40,000, Partner B has capital contributions of $30,000,andPartner C has capital contributions of $30,000.Year 1's profit is $150,000.How much of the profit is Partner A entitled to?

a.None of the partners are entitled to distributions until they file their Certificate of Formation with the Secretary of State of Texas.

b.The partners will have to go to court to determine how the profits will be distributed since the partnership agreement is silent on this issue.

c.$50,000 because the written partnership agreement is silent has to how the partners share in profits and losses.

d.None of the other choices are correct.

e.$60,000 because A's capital account is 60% of the total of all partners' capital accounts.