Abe, Bill, and Carla are partners in a general partnership. Although the partnership has a written partnership agreement, it is silent on several issues, including the distribution of profits and management of the entity. Abe contributed 60% of the initial capital, Bill contributed 30% of the initial capital, and Carla contributed 10% of the initial capital to the partnership. The partnership made $200,000 this year. How will the profits be divided?

Answer rating: 100% (QA)

If the partnership agreement doesnt specifically mention the distribution of profits then the Unifor... View the full answer