Wade Comer and Tom Busby Decide to Start a Partnership

question 102

Multiple Choice

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.