Response to the following questions relate to issues faced by partnerships:
1. The text suggests that a written partnership agreement should be drawn up between the partners in a partnership. One benefit of an agreement is that it provides a mechanism for resolving disputes between the partners. List five areas of dispute that might be resolved by a partnership agreement.
2. The statement has been made that "if you must take on a partner, make sure the partner is richer than you are." Why is this statement valid?
3. Corwin & Corwin is a law partnership. Natalie Corwin is planning to retire from the partnership and move to Israel. What options are available to Corwin to enable her to convert her share of the partnership assets to cash?