Lucan and Alison agreed to practice law together. Their stationery said, The Lucan and Alison Partnership and
Question:
Lucan and Alison agreed to practice law together. Their stationery said, “The Lucan and Alison Partnership” and they told everyone they were partners. They signed a partnership agreement providing that Lucan would receive a “guaranteed annual draw of $100,000.” The rest of the profits went to Alison. Are they partners?
PartnershipA legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
No they are ...View the full answer
Answered By
Arshad Ahmad
Well, I am really new to tutoring but I truly believe a good student can be a better teacher. I have always been a topper at school. I passed my Chartered Accountancy at a very young age of 23, a rare feat for most of the students. I am really dedicated to whatever work I do and I am very strict regarding deadlines. i am always committed and dedicated to whatever work allotted to me and I make sure it is completed well within deadline and also I try to give my best in whatever I do. Hope we will have a good time studying together.
1+ Reviews
10+ Question Solved
Related Book For 
Business Law and the Legal Environment
ISBN: 978-1337736954
8th edition
Authors: Jeffrey F. Beatty, Susan S. Samuelson, Patricia Sanchez Abril
Question Posted:
