Question: You are in a group that is considering forming a partnership to purchase a coffee shop located near your campus. The coffee shop offers freshly

You are in a group that is considering forming a to purchase a coffee shop located near your campus. The coffee shop offers freshly brewed coffee and rolls in the morning and soup and sandwiches the remainder of the day. During your preliminary discussions, several issues have emerged for which your group needs additional information.

Required
Research and provide a written summary for the following:
a. Does every partner in fact have the right to serve as an agent of the and bind the by that individual partner's actions in carrying out the business?
b. If a new partner is admitted after the operates for a time, what is the new partner's liability for obligations arising before his or her admission? What is the new partner's liability for obligations of the incurred after his or her admission?
c. Should all partners be able to examine the accounting records (the partnership's books) at any time?
d. What happens if the term of the is set at one year and the partners decide to continue doing business? Is a new agreement necessary at that time?
e. What happens if an individual partner wishes to leave the Can that person just announce to the other partners that he or she no longer wishes to be in the and will not be liable for any future obligations? What are the rights of the other partners in this matter?
f. What items do you believe should be in the agreement prepared before actually agreeing to form the

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This solution uses the Uniform Partnership Act of 1997 UPA 1997 for its references This Act is available on the Internet and can be found using most internet search engines a Section 301 of the UPA 19... View full answer

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