Question: A , B , and C have a general partnership. The agreement is silent as to the management of the partnership, but A contributed 6

A, B, and C have a general partnership. The agreement is silent as to the management of the partnership, but A contributed 60% of the capital, B contributed 30%, and C contributed 10%. The partnership agreement provides that profits and losses would be shared in the ratio of the partners capital contributions to the partnership. How will management rights be shared?
Group of answer choices
Unable to be determined.
In the ratio of capital contributions.
Equally.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

A, B and C formed a general partnership where A, also appointed manager, contributed 70% of the capital, B contributed 30%, and C was an industrial partner who would manage the business. After a few...

Q:

ABC Partnership is a limited partnership and was started by Partners A, B, and C in Year 1.The written partnership agreement is silent as to how the partners share in profits and losses. Partner A...

Q:

Person A, B and C formed a general partnership last year. Person A contributed $100,000 to the partnership. Person B contributed $50,000, and Person C contributed $50,000. The partnership made a...

Q:

4 . A , B and C form a general partnership with cash contributions of $ 5 0 , 0 0 0 , $ 5 0 , 0 0 0 and $ 1 0 0 , 0 0 0 , respectively. The partnership agreement provides for the maintenance of...

Q:

Individuals A, B, and C formed a general partnership with each having a 1/3rdinterest in partnership profits, losses, and capital.The partners' contributions were as follows: A contributed cash of...

Q:

21. The document necessary to file to form an LLC is called Corporation it's called_ a. Articles of Incorporation, Articles of Corporate Formation b. Articles of Organization, Articles of...

Q:

_, and for a 21. The document necessary to file to form an LLC is called Corporation it's called a. Articles of Incorporation, Articles of Corporate Formation b. Articles of Organization, Articles of...

Q:

A, B, and C organized a general partnership, with the following contributions: A: Php2,000.00; B: Php4,000.00; C: management expertise. There was no agreement on the division of but there was a...

Q:

A, B, and C organized a general partnership, with the following contributions: A: Php2,000.00; B: Php4,000.00; C: management expertise. There was no agreement on the division of but there was a...

Q:

A, B, and C organized a general partnership, with the following contributions: A: Php2,000.00; B: Php4,000.00; C: management expertise. There was no agreement on the division of but there was a...

Q:

Using the most current Form 10-K available on EDGAR, or the companys website, answer the following questions about the J. M. Smucker Company. Instructions for using EDGAR are in Appendix A. Note: In...

Q:

The budget director of Royal British Furniture Company requests estimates of sales, production, and other operating data from the various administrative units every month. Selected information...

Q:

Which type of control focuses on whether or not subsidiaries meet financial criteria

Q:

Discuss qualitative research designs in detail?