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| Sharif, Hirsch, and Wolff formed a limited partnership with Sharif and Hirsch as general partners. Wolff was the limited partner. They failed to agree upon a profi t-sharing plan but put in capital contributions of $120,000, $140,000, and $150,000, respectively. At the end of the fi rst year how should they divide the profits? A. Sharif and Hirsch each receives half and Wolff receives none. B. Each of the three partners receives one-third. C. The profits are shared in proportion to their capital contribution. D. None of the above. |
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