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Question
Josh, Betty, and Danny formed an LLC to manage their accounting business. Josh contributed $20,000 to the LLC. Betty and Danny contributed $40,000 each. Being close friends, they did not include a profit and loss sharing plan in the operating agreement. A year later, they realize their working styles do not match. All the members agree to dissolve the LLC and sell all of its assets. Assuming that the LLC did not have any creditors and a total of $175,000 was obtained after the sale of all the assets of the dissolved LLC, how much will Betty get?
A. $100,000
B. $75,000
C. $50,000
D. $65,000
Answer
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