Question

Genetic innovations, lp, is a limited partnership. the partners sign an agreement purporting to state how the firm's profits and losses are to be divided. the profits and losses of the firm will be divided

Answer 1

The profits and losses of the firm will be divided according to the agreement.
This is obvious when two big companies are going to be partner, they sign an agreement which is a legally binding agreement between two companies or partners and both have to follow or work according to the agreement.