Case Study Question on Business structures: Vera was the owner of a gymnasium called Fithess Galore on Mcintosh Street in Rouse Hill since April 2018. Due to an increase in recent competition in the surrounding area, business had declined, and the gymnasium had not made a profit in months. In January 2020 she approached her friend Aaron for a loan of $300,000 and they agreed to draw up a loan agreement which included the following:- o Aaron will receive a share of the profits and losses fo the extent of 50% and be working in the business from Friday to Sundays. e Aaron has the right to examine the business books at will and receive a guarterly business statement. e Aaron has the right to be consulted and contribute to any major decisions regarding the business. With the injection of money into the business, Vera and Aaron decided that the way to improve trade was to buy state of the art equipment and to undertake a television and radio and print media marketing campaign to recruit new members. Most of the money was spent on this and the business improved and made a profit. a. Discuss whether Vera and Aaron are in a business partnership. (10 marks) b. In June 2020, Vera takes some time away from the gym to have a long overdue holiday. Aaron, without consulting Vera decides that the treadmills they have purchased for the gym are outdated and purchases 10 new Jurassic Treadmills at a total cost of $100,000.00 from Premium Fitness Equipment (PFE). On Vera's return she notices the new treadmills and whilst sorting through the mail she finds a letter of demand from PFE addressed to her demanding immediate payment of the Tax Invoice for $100,000.00. Is Vera liable to pay? (5 marks) Please answer a) and b) in IRAC format, discussing fully all relevant legal issues that arise in the circumstances. Your answers for all of the above questions must be supported with relevant legislation and case law authorities