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Question
Stan and Frank have started a general partnership. Stan has contributed 95% of the startup capital and has the business experience and contacts while Frank's primary contribution is labor necessary to operate the business. Management decisions are jointly made. At the end of the year, the business has shown a $100,000 profit. They have no formal written partnership agreement.A.Stan is entitled to $95,000 and Frank gets $5,000
B.RUPA mandates that each get $50,000
C.RUPA mandates that Frank be paid a fair amount for his labor contribution and the remaining profits be split with 95% going to Stan and 5% going to Frank
D.RUPA mandates that Frank be paid a fair amount for his labor contribution and the remaining profits be split equally between Stan and Frank
Answer
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Related questions
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