1. Katy and Perry decide to establish a bakery business called Exquisite Burs Katy is a trained baker, while Perry has some accounting skills. Due to renovation costs to the leased shopfront, they had to borrow $50,000 from Laurence, a very experienced businessman. Laurence agreed to help manage the business but stated that once he had been repaid in full by sharing the profits equally, he would leave Katy and Perry to run the business by themselves. At first, business thrives due to Laurence's expert guidance Then Katy orders very expensive baking trays and a commercial refrigerator front Kitchen Supplies Pty Ltd. Is the relationship between Laurence, Perry and Katy a partnership? Explain the reasoning behind your answer. (10 marks)