Question: Issue # 1 partnership formation issues -Writing agreements? -Is there a partnership if there is no writing agreements? Can the partnership be saved if there

Issue # 1 partnership formation issues

-Writing agreements?

-Is there a partnership if there is no writing agreements? Can the partnership be "saved" if there is no writing agreements?

-For profits?

-Equal sharing of profits?

Ray, Jay and Kay (RJK) are a partnership that produce technical writing for its clients. The three partners are all technical writers, but Ray has semi-retired as of December 31, 2021, and has verbally agreed that he is only to get 20% of the profits in 2022. He intends to work 2 days weekly. Jay and Kay agree verbally that they will split the remaining profits 40/40.

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