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Determine the partners' shares of ramer and knox given a first-year net loss of $16,800. Determine the partners' shares of ramer and knox given a first-year net loss of $16,800.

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$8400 loss each is the share of Ramer and Knox. Since the profit sharing ratio is not given the loss will be divided equally between the partners. An agreement between two or more people to manage a business' operations and divide its assets and liabilities is known as a partnership.

All partners in a general partnership corporation split the company's assets and debts equally. All partners in a general partnership are equally liable financially and legally. The debts that the partnership incurs are personally liable to the individuals. Equal shares are also given to profits. In a partnership agreement, the mechanics of profit sharing will almost definitely be spelled out in writing.

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