Question: 1. What are the most important provisions of a partnership agreement?
2. Describe the duties and rights of partners.
3. Explain the difference between a limited partnership and a limited liability company?
4. What steps must be taken to dissolve a partnership?
5. Morgan and Stanley formed a partnership to operate a car dealership and they hired Jones to manage it. Jones' compensation is to be one-third of the business's profits. Is Jones considered a partner?