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Jeff and Jim recently formed a general partnership. No written agreement exists governing the relations of the partners. Jeff contributed $60,000 to the partnerships and

Jeff and Jim recently formed a general partnership. No written agreement exists governing the relations of the partners. Jeff contributed $60,000 to the partnerships and Jim contributed $40,000 to the partnership?The partnership has made profits of $100,000? How will the profits be divided between the partners? Why?

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