Marcus and Keisha operate a rum distillery partnership in Jamaica. In the absence of a partnership agreement, how will profits be shared between the partners?

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Question

Marcus and Keisha operate a rum distillery partnership in Jamaica. In the absence of a partnership agreement, how will profits be shared between the partners?

Accepted Answer

Equally between the partners — Award 1 mark for stating that in the absence of an agreement, the Partnership Act requires profits to be shared equally. A is incorrect — capital contribution ratio only applies if stated in an agreement. B is incorrect — workload is not a default criterion. D is incorrect — no salaries are payable by default under the Partnership Act.

Answer

Equally between the partners

Answer

In proportion to their capital contributions

Answer

According to the Partnership Act provisions only after salaries are paid

Answer

In proportion to their workload

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