1. Joe is a solicitor employed by Bloggs & Co. There are two partners, Harry and Ian. Ian is intending to retire and it has been decided that Joe should replace Ian as a partner, with Harry carrying on as a partner.
Explain to each of Joe, Harry and Ian what steps each should take to protect himself as a result of the changeover.
2. Cliff has been asked by his friends, Don and Eric, to help them set up an antiques business. Don and Eric want Cliff to lend them £5,000 and they say they will give Cliff one-third of the profits instead of interest on the loan.
What are the dangers to Cliff in such an arrangement and how can he overcome them?