Which one of the following is correct with respect to the rights of partners unless they have agreed otherwise?
A)No major decision can be taken without a majority vote agreement of all partners.
B)Only the partners that have contributed the largest capital amount have the right to share in management.
C)All profits are shared equally among the partners.
D)A partner can sell her share of the partnership to another person without the agreement of the other partners.
E)Personal expenses incurred by the partners in the course of business are reimbursed.

Question

Quizplus · Accepted Answer

The principle of equality in sharing profits is one of the fundamental characteristics of a partnership unless otherwise agreed upon in the partnership agreement. Therefore, all profits earned by the partnership must be shared equally among the partners.

Which One of the Following Is Correct with Respect to the Rights