Wade Comer and Tom Busby decide to start a partnership and offer accounting services. Which of the following is the best way to start this partnership?
A) They should orally discuss how they want the partnership to work and who is responsible for certain areas.
B) They should determine the exact way the business should be run and have a witness listen to their oral discussion.
C) They should let a third party, such as a consultant or an attorney, draft whatever agreement the consultant or attorney thinks is appropriate.
D) They should carefully draft an articles of partnership together, outlining each partner's responsibilities and other important information.
E) With the help of an attorney, they should draft a partnership agreement that states each partner's duties and investments.

Question

Quizplus · Accepted Answer

Drafting a partnership agreement with the help of an attorney is the best choice as it ensures that all important aspects of the partnership are covered, including each partner's responsibilities, investments, and other legal considerations. This agreement will serve as a legally binding contract between the partners and will help avoid any conflicts or misunderstandings in the future.

Wade Comer and Tom Busby Decide to Start a Partnership