Distribution of Profit & Loss: Fill In the Blanks

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on November 18, 2021

1. A partnership is an between two or more persons who combine their assets to carry on a business.

2. The difference between a partnership and a sole proprietorship is that of .

3. A partnership is formed by a written or agreement.

4. Liability of partners in a partnership business is .

5. In the absence of an agreement, the income sharing ratio between partners is .

6. The salary of a partner is to be debited to the income summary the distribution of income.

7. The minimum number of partners in partnership business is whereas the maximum is in a banking business and in an ordinary business.

8. Terms and conditions regarding partnership are combined in the .

9. In the absence of an agreement among the partners, rules laid down in the will be applied.

True Tamplin, BSc, CEPF®

About the Author
True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website, view his author profile on Amazon, his interview on CBS, or check out his speaker profile on the CFA Institute website.

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