Boris and Peter have not yet incorporated their new company. However, each has already invested $50,000 into the business by depositing the money into Boris's business account. Boris is negotiating the purchase of a small factory in his own name, and is purchasing the equipment and materials he will need to start manufacturing Organicola Peter has also started spending 2 or 3 hours every evening writing a business plan and a marketing plan.

Required

a.Have Boris and Peter formed a partnership?

b.If so, what are the legal consequences?