If partners agree to allocate liquidation gains and losses differently from the manner set forth in the Revised Uniform Partnership Act, they may do so.

Question

Quizplus · Accepted Answer

Partners can agree to allocate liquidation gains and losses in a manner different from that prescribed by the Revised Uniform Partnership Act, as partnership agreements can specify terms that override default provisions of the Act.

If Partners Agree to Allocate Liquidation Gains and Losses Differently