Final answer:
The claim that a partner in a partnership can be excluded from profits is generally false, as partnerships are based on sharing both profits and responsibilities. Excluding a partner from profits goes against fundamental partnership principles and can be legally challenged.
Step-by-step explanation:
The statement that one of the partners in a partnership, even if a multi-millionaire, can be contractually excluded from sharing in the partnership profits is generally false. In a partnership, all partners typically share in the profits and losses, and provisions that go against the fundamental principles of a partnership may be considered invalid. Partners' rights to share in profits are usually stated in the partnership agreement, and excluding a partner from profits could potentially be challenged as unlawful.
Partnerships also involve shared responsibilities. Aside from sharing profits, each partner is typically responsible for business debts and may be exposed to personal liability for business obligations. This shared responsibility is one of the main characteristics of a general partnership and serves to mitigate the risk of any single partner bearing the full brunt of a debt or legal issue.