Uark blaw exam 3 - Study guides, Class notes & Summaries

Wally and Karen formed a partnership on January 1, 20XX. Their written partnership agreement stated that profits would be distributed in the same proportion as contributions, which were: Wally: $60,000; Karen: $40,000. There was no agreement as to how losses would be distributed. Which of the following is correct? A. Both profits and losses will be distributed 50/50 B. Profits will be distributed 60/40; losses 50/50 C. Both profits and losses will be distributed 60/40 D. Both profits and ...