1. What is the differences, legal and commercial, between a partnership and a joint venture?
2. Assume there is no partnership agreement in the following circumstances:
a) Brian contributes $7000 and Stephanie contributes $3000 towards their partnership. The partnership makes a profit of $100,000. How
should the profit be split? Why?
b) Andy advances $25,000 to his partnership with Marney so they can pay their bills. Is he entitled to any interest? How much?
c) Jean, Grace and Jim are in partnership together, selling shoes. Jean and Jim want to stop selling shoes as they believe they can make
more money selling car accessories. Grace disagrees. Can Jean and Jim make the change?
Can they eject Grace from the partnership?