1. Artemus, Bugsy, Tatyana and Dufus have been designing and selling sports clothing for the last twelve months, Dufus graduated from one of the best design schools in Ontario, and is the lead on the types of material, patterns that should be used.Ultimately, they are all involved somehow, and they agree on all the final outputs, sale prices before they are put into production.There is a joint bank account to which profits are paid into on a weekly basis they all have access to this.They share profits at the end of each quarter (every three months) this is taken in equal shares by all parties, although Artemus provided 50% of the capital contribution, Dufus did not provide any of the capital contribution for the start-up of the business, with Bugsy and Tatyana putting in 25% each.They are Accounting and Marketing graduates respectively.Tatyana has remarked on the need to bring in a new partner because everyone is really busy trying to keep up with the demand, she has good connections and recommended Martha from Graduate school.Remuneration is really important to all of the parties because they have huge School debts to pay off.Recently, Bugsy went off to Montreal to negotiate a financial deal on behalf of the business.He flew first class, took a stretch limousine from the Airport and stayed for 3 nights in the most expensive hotel in North America.He has submitted an expense account of $35,000 for the trip.The other parties are not pleased, especially when the deal was not actually finalized.

1. Identify and explain which type of business organization, if any, are they running?
2. B.Should the parties have a written agreement, if so, why is this necessary under the circumstances?