Which of the following would apply where there is no agreement during partnership formation?

(i) Profits and losses will be shared unequally.
(ii) Interest is not allowed on capital.
(iii) Salaries are not allowed.
(iv) Interest is charged on drawings.

A. i only
B. i, ii and iii
C. i, ii and iv
D. ii and iii

Correct Answer:

Option C – i, ii and iv