Assignment:
Answer the below hypothetical question. Youranswer can be a paragraph or two in length depending on how detailed you wish to get.
Question 1. Abe and George are brothers. Abe is a renowned chef and George is a businessman. Abe is currently working as a sous chef at one of New York's finest restaurants. George owns several business in Kansas, most of which are boutiques. Abe gets together a make shift business plan for a new restaurant of which he proposes to George. Abe has extensive debt and has failed twice at opening his own restaurant. George is highly successful but knows nothing of the restaurant business. You are an experienced transactional attorney. George comes to you for advice on how to open a restaurant with his brother, Abe. You decide to draft up a partnership agreement for George and Abe. Your partnership agreement needs to include the following: date of the agreement, parties involved, capital contributions (make up figures), how long the agreement shall be effective, business purpose, how is the partnership managed, how the partners split profits and losses, how the partnership is dissolved. Feel free to make up portions of your partnership agreement or necessary facts. The purpose of this exercise is for you to think about all the issues when going into business with someone that may arise and how they might be addressed in an agreement and entity structure.