Essay
Sheila and Rob mutually decide to start a business together. Being close friends, they do not enter into a written agreement and agree to split all responsibilities and profits equally. However, Sheila soon finds herself saddled with more than her share of work. She now resents splitting the profits equally since her contribution to the business is more. This has affected Rob and Sheila's friendship. What form of business organization is followed by Rob and Sheila? What should they have done to prevent any misunderstandings between themselves? Can Sheila legally claim a greater share of profits?
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Sheila and Rob are in a general partners...View Answer
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