Divide into groups of three or four according to students’ major areas of interest — for example, a group of commerce students, a group of management students, a group of marketing students. Discuss the following and report back to the whole class.

1. If your group formed a partnership to carry out the business of your major area of study, how would you determine who was the senior partner?

2. On what basis can you agree to share profit? Would this be affected by the amount of capital each partner contributed or would you share profits evenly? Would you pay interest to the partners based on their capital contributions?

3. Would you consider paying each partner a salary that reflected their expertise, experience or ability to generate business for the partnership? If so, how would you determine the impact of such factors on the salary of each partner?