Bush, Hillary and Obama are running a successful carpentry business called 'Tapestry Pretty'. They have a written agreement that notes that the parties are not in a partnership. They are running a joint venture. The agreement also notes that Bush and Hillary will be running the business and that Obama will finance the business. He also will have the capacity to access the books of the company at will. Obama's identity is not to be disclosed to the public. Furthermore, the agreement states that the joint venturers cannot compete against each other. He believes that because his identity is secret no one will be able to take action against him.

Step 2: Answerthe following problem-based question:

Question 2:Advise the parties on the type of business they are running. Also mention briefly if the last statement in relation to the liability of Obama is correct if the parties enter into contract with outsiders.