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Question: exercise 2 scenario suppose that you are a person who...

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Exercise 2

Scenario

Suppose that you are a person who has always dreamed of owning a business but never had the money to open one. Since you were old enough to read a recipe, your mother allowed you to help in the kitchen. Most of all, you enjoyed baking and decorating cakes. You liked using your imagination to create cakes for special occasions. By the time you were in high school, you were baking and decorating cakes for a fee. After high school, you started working full time as an adjuster for an insurance company. Your schedule now allows little time for baking and decorating cakes. Recently, you inherited $250,000, and changes at your job have created undue stress in your life. What should you do?

Using the scenario in Exercise 2 above, suppose that you have decided to quit your job as an insurance adjuster and open a bakery. Your business is now growing, and you have decided to add a full line of catering services. This means more work and responsibility. You will need someone to help you, but you are undecided about what to do. Should you hire an employee or find a partner. If you add a partner, how will you organize the business, and what will you need to do to create a legal partnership?

Question to answer below

As a group, prepare an article of partnership agreement. Be prepared to discuss the pros and cons of your group's agreement with other groups from you class, as well as to examine their agreement.

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