What type of partnership would partnership be considered

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Frank and Sally, enter into a verbal agreement, as partners, to buy a small apartment building, with Frank advancing $250,000, and Sally advancing $25,000, which is the most either could then afford to spend, to pay the down payment for purchase of that property.

1. Could they form a partnership by a verbal agreement?

2. If so, what type of partnership would their partnership be considered?

3. What percent of financial responsibility would each of them have to creditors of their partnership, taking into consideration their individual financial investments, for obligations of their partnership?

4. Based on their present financial circumstances, if you were Sally, what type of partnership should you be most likely willing to agree be formed, with Frank, to purchase that apartment building? and Why?

Reference no: EM131224264

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