How are losses to be allocated under the contract

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Reference no: EM133661931

A form of general partnership agreement (the "contract") is attached to this assignment. Read through the contract to familiarize yourself with its contents and then answer the following questions about the contract:

1. How are profits and losses to be allocated under the contract?

2. May a partner's partnership interest be assigned to another partner? If so, under what conditions may it be assigned to another partner?

3.. May a partner's partnership interest be assigned to anyone who is not already a partner?

4. If a partner becomes legally incompetent will that be an event that requires dissolution of the partnership?

5. What percentage of the partners is necessary to amend the contract? Using a general partnership agreement how would answer these questions.

Reference no: EM133661931

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