These are based on partnership agreement is these are right or wrong. If wrong what is reason behind it ?

5. PERCENTAGE OF INTEREST The parties will each have different ownership percentages in the partnership Partner A will own 55% of the company and receive 45% of all net profits in the partnership Partner C will own 35% of the company and receive 35% of all net profits in the partnership Partner B will own 10% of the company and receive 10% of all net profits in the partnership. All losses and expenses incurred by the partnership will be paid with earnings held within the partnership If the partnership has insufficient capital to pay for losses and expenses that it incurs, then all expenses and losses will be equally divided and paid for by the three parties. Effort will be compensated with money, by meeting the requirements laid out in the work hours, 6. DRAWS Each partner shall draw $2,000 from the partnership on the first day of the year. Each party may withdraw from the partnership. Each party is entitled to their profit share and any amount withdrawn exceeding your profit share will be indebted to the partnership and any amount less than their profit share, entitles them to a cheque for the remaining amount to equal their profit share