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What will tom get in distribution

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Problem 1: The Bronx General Partnership had assets worth $36,000 after liquidation. Tom, Paul, April, and Louis, equal partners, each contributed $3,000 into the capital pool at the inception of the business. Tom later loaned the business $8,000. They owe $24,000 to creditors. What will Tom get in distribution, assuming there is no agreement on the distribution of profits?

a. $3,000

b. $9,000

c. $8,000

d. $11,000

Problem 2: Rom, Sandy and Abe agree to put in $10,000 each to set up a homeless shelter. They each work two days a week. Donations fund the day-to-day operations. Do they have a partnership?

a. Yes, because they are all co-equals in ownership of the shelter

b .No, because they have made no formal agreement

c. No, because there is no business for profit

d. Yes, since each has control of the operation

Reference no: EM132830715

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