Multiple Choice
The Star General Partnership had assets worth $34,000 after liquidation.Frank,Gene,and Hank,equal partners,each contributed $3,000 into the capital pool at the inception of the business.Gene later loaned the business $5,000.They owe $23,000 to creditors.What will Gene get in distribution,assuming there is no agreement on the distribution of profits?
A) $5,000
B) $7,000
C) $8,000
D) $11,000
Correct Answer:
Verified
Correct Answer:
Verified
Q12: The UPA codified all of the common
Q13: The RUPA abolishes the marshaling of assets
Q14: Maizie is admitted as a partner to
Q15: The RUPA authorizes the optional,central filing of
Q16: Under the RUPA,dissociation of a partner results
Q18: If a partner's act is not apparently
Q19: Chuck,Bob,and Bert form CB&B Partnership to run
Q20: Under the RUPA,during winding up,the partnership must
Q21: Which of the following is true of
Q22: Under the RUPA,a partner's dissociation:<br>A) terminates the