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Paolo, Quito, Reyes, and Sari Form Toda El Mundo LP

Question 64

Multiple Choice

Paolo, Quito, Reyes, and Sari form Toda el Mundo LP, a limited partnership to import and sell clothing made in remote global locales. In the absence of an agreement among the partners to the contrary, profits will be shared


A) equally among the partners.
B) on the basis of percentages of capital contributions.
C) in the same ratio as losses.
D) on a FIFO-first in, first out-basis.

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