Question 4 2. In the absence of a partnership agreement partners will share all profits and losses according to the amount they invested in the partnership. O False True Question 5 2 pts Mark and Max contributed $20,000 and $80,000 respectively to create a new partnership. They did not draw up a formal partnership agreement. If in the first year the partnership earned a profit of $10,000 then the amount allocated to Mark is $2,000. O True False