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Source Dissolution Complete Business Associations List Matched to this deck.

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Three partners formed a general partnership without a written agreement. One contributed 70 percent of the startup cash, another contributed 30 percent, and the third contributed only services. They did not discuss profits or losses. At year-end, the business had a profit.
How are profits and losses allocated under default rules?

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Profits are shared equally, and losses generally follow the profit-sharing ratio unless agreed otherwise. Profits and losses are both assigned by a court based solely on fairness. No partner receives profits unless the partnership agreement is written. Profits are shared according to hours worked, and losses are shared according to capital contributions.

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