If the partnership agreement does not indicate how the profits will be shared, the uniform partnership act provides that profits will be shared equally.

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Business

Madyson Vaughan

4 October, 01:19

If the partnership agreement does not indicate how the profits will be shared, the uniform partnership act provides that profits will be shared equally.

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Kaylee · Answer 1

This is a true statement. If the partnership does not specify how the profits are shared, then the UPA will take precedence, which holds that profits (and liabilities/losses) are to be shared equally among all the persons involved in the ownership of the business.