Visit a business partnership in your area, and interview one or more of the partners. Obtain answers to the following questions and ask your instructor for directions. As directed by your instructor, either

(a) prepare a written report of your lindings, or

(b) make a presentation to your class Required 1. Why did you organize the business as a partnership? What advantages does the partner- ship form of organization offer the business? What are the disadvantages of the partner- ship form of organization? 2. Is the business a general partnership, or is it a limited partnership? 3. Do the partners have a written partnership agreement? What does the agreement cover? Obtain a copy if possible. 4. Who manages the business? Do all partners participate in day-to-day management, or is management the responsibility of only certain partners? 5. If there is no written agreement, what is the mechanism for making key decisions? 6. Have you ever admitted a new partner? If so, when? What are the partnership's proce- dures for admitting a new partner? 7. Has a partner ever withdrawn from the business? If so, when? What are the partnership's procedures for settling up with a withdrawing partner? 8. If possible, learn how the partnership divides profits and losses among the partners. 9. Ask for any additional insights the partner you interview can provide about the business.