Mary and Jeff entered into a partnership agreement.However,the agreement did not state how income and losses would be divided.The law states that income will be divided:

Name: Mary and Jeff entered into a partnership agreement.However,the agreement did not state how income and losses would be divided.The law states that income will be divided:
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Question

Quizplus · Accepted Answer

In the absence of a specific agreement, the law defaults to dividing partnership income equally among partners.

Mary and Jeff Entered into a Partnership Agreement