Chapter 19, Problem 1EC

1.

To determine

State the reason for which the partnership agreement should specify all purchases over a certain amount to be approved by all partners and state if there are any circumstances that would warrant deviation from this policy.

2.

To determine

State the disadvantages of the partnership form of business ownership.

3.

To determine

Write a short memo expressing the disapproval of the situation.

4.

To determine

State the possible outcomes of the situation given.