1) A, B, and C are partners in a business. A provides the bulk of the financing. B is a"rain maker". That is she goes out and gets customers for the business. C provides "sweat equity". That is he provides the services necessary to operate the partnership. a) Can the three of them start doing business immediately? In accordance with the Uniform partnership Act (UPA) unless other wise agreed: b) How will the partnership profit be divided?

c) How much interest will A be entitled to on his capital account?

d) How much salary will C be entited for her labor?

c) How may the presumptions under UPA be altered toreflect the partner's varying interests? 2) B wants out of the partnership and would like to sell his partnership interest to D. a) Can he make the sale without consent? b) Can he make the sale with just one of the other partner's consent (2 against 1)? 3) D is admitted to the partnership and makes a $10,000 contribution to join. Subsequently a third party sues the partnership for $1 million due to activity that took place before D joined the firm. the other partners also put in $10,000 when they joined the firm several years ago. a) How much is the maximum liability for D? b) How much is the maximum liability for the other partners?

Thanks!