Barnes Construction is a homebuilder that wants to expand into commercial real estate. It has a client
Question:
Barnes Construction is a homebuilder that wants to expand into commercial real estate. It has a client who owns 10 acres of land on which she wants to build an apartment complex. Barnes is looking for a partner to help design and build it.
Slater Architectural Design is looking for new projects. Barnes and Slater form a partnership to design and build the complex for $10,400,000. Based on estimated costs, the project should earn net profits of 18 percent.
INSTRUCTIONS
1. If Barnes and Slater agree to share revenue and expenses equally, how much profit will each partner earn?
2. To limit each partner’s liability to this project only, list the information that should be in the partnership agreement.
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Step by Step Answer:
1 Profit for each partner 10400000 x 18 1853600 2 The list of information t...View the full answer
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