Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Answer the following: a) X and y jointly own a ship, which is entirely operated by X .X alone does all its expenses and Y

Answer the following:

a) X and y jointly own a ship, which is entirely operated by X .X alone does all its expenses and Y contribute nothing .one third of the annual net earnings is passed over by X to y. Is it a relationship of partnership between X and Y.

b) Amit and Barun acquire a coffee shop and incur additional expenses for purchasing stylish crockery, Renovation etc., Each contributing half of the total expense and the shop is leased out on a daily rent, Which is divided between both of them. Does this arrangement constitute a partnership between Amit and Barun.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Business Law And Its Environment

Authors: Richard Schaffer, Filiberto Agusti, Lucien J. Dhooge

10th Edition

1305972597, 978-1305972599

More Books

Students also viewed these Law questions

Question

How many, and which, factors determine portfolio risk?

Answered: 1 week ago