The division of profits and losses between the members of a partnership is formalized in the:
A) Indemnity clause.
B) Indenture contract.
C) Statement of purpose.
D) Partnership agreement.
E) Group charter.

Question

Quizplus · Accepted Answer

The division of profits and losses among partners in a partnership is formalized in the partnership agreement, which outlines the rights, responsibilities, and profit share of each partner.

The Division of Profits and Losses Between the Members of a Partnership