Farook and Ahmed will be running a car dealership in Comox, B.C. where they are selling used vehicles of all makes and models. They want to share all profits 50/50. Farook has more management experience and will take on the day-to-day operations of the company. Ahmed has more sales experience and will be responsible for the sales department. The car dealership will not offer vehicle service. Farook and Ahmed worked together at Ford before deciding to open their dealership. Farook is married, with 2 children, and well settled in his hometown of Courtenay, B.C. Ahmed is fairly new on the Island, is single and looking, and misses the city nightlife. He found there were not many potential significant others that are his type on the Island and instead lists himself on the Vancouver dating sites. The new dealership will operate on an existing parcel of land where a dealership used to operate approximately 5 years ago, which they will be leasing from a property holding company. The primary expenditure to get the business up and going is the purchase of inventory (cars for re-sale). They anticipate the need to start with approximately 10 cars to attract attention, which will cost them approximately $30,000 each. Eighty percent of the financing for the start-up costs will come from a second mortgage on Farook's home. Ahmed has also taken out a personal loan which will account for the rest of the financing. Farook and Ahmed have come to you to ask for some advice on how to make sure they are compliant with any accounting records for the business. During your initial meeting, they also asked if you knew anything about business structures. They heard they should get a partnership agreement to formalize their arrangement. Required: Using the case study methodology we learned this term, prepare a 7 step case study analysis and response to this situation.