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Problem 1: Which of the following is incorrect regarding the share of an industrial partner in partnership loss?
a. If there is no agreed loss or profit-sharing ratio, "pure" industrial partner is totally exempt from sharing in the loss. b. If there is a profit or loss agreement in which the industrial partner is included in the profit or loss agreement, he/she must comply with the terms of their contract and therefore, he/she is liable for the losses equivalent to his/her agreed loss ratio.c. If there is a profit-sharing ratio but no loss ratio, the industrial partner is bound to share in the partnership losses based on profit-sharing ratio.d. In case of industrial - capitalist partner, he/she is liable for the losses even in the absence of loss-sharing agreement.
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