Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Alfred runs a building demolition business. He tells his wife and 12 year old child that henceforth they are a partnership. The terms are that
Alfred runs a building demolition business. He tells his wife and 12 year old child that henceforth they are a partnership. The terms are that income from the partnership will be share equally but the 90 percent of the shares of the wife and child are to be reinvested in the business and Alfred's permission is required for the disposal of what is left. Neither the wife nor the child play any part in the running of the demolition business. Is the demolition business a Partnership or sole trader
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started