Must the allocation of profits and losses be in a partnership agreement?

Must the allocation of profits and losses be in a partnership agreement?

Allocation of profits and losses, I believe, is a very key portion of a partnership agreement. To go to the lengths of actually drafting up a partnership agreement and to leave out, what I would consider a very vital part, which is, who is going to be able to get the money and how do they get it or, if there is a loss, who has to bear that loss, is one of the things that you will fight about if it's not in there. And, if you don't have it in a partnership agreement, typically it will happen by operation of law. For example, if there is a partnership with five general partners in it, and you have no partnership agreement, then the law will have assumed that everyone contributed 20% and that 20% of all the losses are for each or 20% of all the profits go to each and that could be the case even if all the partners didn't contribute or function equally. If you have a partnership agreement, however, you can actually detail out the percentages and who should get profits or losses and why and when you have it done like that and everyone signs on it's very difficult for someone to come back after the fact and be upset about a document that they signed.