Stan and Frank Have Started a General Partnership

question 33

Multiple Choice

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

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Definitions:

Nongene Sequences

Portions of the DNA that do not code for proteins and may include regulatory elements, introns, or repetitive sequences.

ENCODE Study

A research project aimed at identifying all the functional elements in the human genome to understand its role in health and disease.

Human Genome

The totality of genetic information in human cells; includes the DNA content of both the nucleus and mitochondria. See genome.

Functional Regions

Areas defined by specific functions performed within them, often linked to economic activities, political organization, or cultural similarities.