Absent an agreement otherwise, upon dissolution under the UPA a partner is entitled to which of the following after payment of partnership creditors?
A)A share of profits in proportion to his capital contribution.
B)Shares of profits dependent upon the capital and time he contributed to the partnership.
C)Repayment of his loans to the partnership, capital contribution, and a share of the profits.
D)The UPA requires that the partners have an agreement or else they must seek a court order distributing the remaining assets.

Question

Quizplus · Accepted Answer

Under the UPA, upon dissolution, a partner is entitled to repayment of his loans to the partnership, capital contribution, and a share of the profits. This is after payment of partnership creditors. The partner's share of profits is typically equal to their percentage of ownership in the partnership, unless there is an agreement stating otherwise.

Absent an Agreement Otherwise, Upon Dissolution Under the UPA a Partner