Betsy Ross and Delia Smart were the only partners in a new business. Betsy contributed $100,000 to the business and Delia contributed $50,000. No thought was given as to how profits were to be divided. At the end of the first year the business made $30,000 profit, and Betsy had done 50% more work than Delia. How will the profits be shared?

Question

Quizplus · Accepted Answer

In the absence of an express agreement, the Partnership Act typically mandates an equal split of profits among partners, regardless of capital contribution or labor input.

Betsy Ross and Delia Smart Were the Only Partners in a New