Which stipulation is valid in a partnership agreement?

In a partnership, the rights and obligations of the partners are generally governed by the partnership agreement, which can specify how profits and losses are to be shared. The stipulation that exempts an industrial partner from losses is valid because it aligns with the nature of the contributions of industrial partners, who typically provide services or expertise rather than capital.

Industrial partners often contribute their skills and labor to the operation of the business rather than financial investment. As a result, it is common for agreements to stipulate that they are not responsible for losses in the same way that capital partners would be. This provision helps to protect industrial partners from bearing financial burdens that are proportional to their labor contributions rather than their investment, reflecting the usual understanding of risk allocation in partnership dynamics.

The other options are less suitable because they do not align with standard partnership principles. For example, excluding a capitalist partner from profits or exempting them from losses would undermine their investment and the risk they take. Similarly, excluding an industrial partner from profits contradicts the fundamental purpose of partnerships, which is to share gains in proportion to contributions made, whether financial or through industry involvement.