You are in a group that is considering forming a partnership for the purpose of purchasing a coffee shop located near your campus. The coffee shop offers freshly brewed coffee and rolls in the moming and soup and sandwiches the remainder of the day. During your preliminary discussions, several issues have emerged for which your group needs additional information.

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Research and provide a written summary for the following:

a. Does, in fact, every partner have the right to serve as an agent of the partnership and bind the partnership by that individual partner's actions in carrying out the business of the partnership?

b. If a new partner is admitted after the partnership operates for a time, what is the liability of the new partner for obligations of the partnership arising before the new partner's admission? What is the new partner's liability for obligations of the partnership incurred after the admission of the new partner?

c. May all partners be able to examine the accounting records (the partnership's books) at any time?

d. What happens if the term of the partnership is set at one year and the partners decide to continue doing business? Is a new partnership agreement necessary at that time?

\(e\). What happens if an individual partner wishes to leave the partnership? Can that person just announce to the other partners that he or she no longer wishes to be in the partnership and will not be liable for any future obligations of the partnership? What are the rights of the other parners in this matter?

f. What items do you feel should be in the partnership agreement that would be prepared before actually agreeing to form the partnership?