Question2:- In the absence of an express agreement, what is the default rule regarding the sharing of profits and losses in a partnership?
- A. Profits and losses are shared equally.
- B. Profits are shared in proportion to the time and effort contributed by each partner.
- C. Profits and losses are shared in proportion to the partners' capital contributions.
- D. Profits are shared equally, but losses are shared in proportion to capital contributions.