Hello, can you help me answer ONLY question B in the file that I sent you. Please look at the requirements and the criteria and then answer the question using the IRAC format.

The focus of this task is identification of legal issues that arise from common business decisions and on conducting your business in a way that complies with any relevant legal requirements.

Requirements:

Referencing to relevant business law texts and articles, business sources, and suitable online resources (eg government sites) is required to show how you support your answers.

You must cite legal materials such as cases and legislation in your response.

Answer the questions using the IRAC format.

Topic being used in these questions is: Partnership Law.

Also an example of a source that you can use is: https://www.australiancontractlaw.info/

Criteria for this task:

Step 1

Concise and clear description of the legal issue

Step 2

Detailed description of the relevant legal principles, supported by relevant legal authorities (cases

and/or legislation)

Students should not refer to the facts of the problem question as part of Step 2

Step 3

Logical and detailed application of the relevant legal principles to the facts of the problem question. For full marks, students should provide an in-depth analysis of the legal issues and clearly state whether the court is likely to follow or distinguish cases included in Step 2

(Where legislation is referred to, students should clearly identify whether the legislation is applicable and whether any relevant elements have been satisfied based on the facts provided)

Step 4

Concise conclusion, clearly referring to the legal issue

QUESTION: John, Kay and Tom, recent business graduates from Eastern Sydney University set up an accounting and financial services practice, Red Brick Road. They decided to formalise their Please answer the following questions in the IRAC format, using relevant sections business arrangement preparing a document called "The Business Agreement". of the Partnership Act 1892 (NSW) and case-law: As per the business agreement, they each provide various accounting and financial services (a) Advise whether there is a partnership in existence. Further, please advise if Tara is a advice to clients and co-own the assets of the business as well as share profits and losses partner of the business. After a few months, they took out a business loan from Tara, their close acquaintance. The loan agreement provides Tara to receive a share of the profits as part of her loan agreement which is (b) Advise Mr Black as to what rights he has against the business as well as John and Tom in in writing. John and Tom contributed $50,000 to the partnership, while Kay put in $20,000. Kay respect of the losses he has suffered. has no assets outside of the partnership while John and Tom have substantial other assets outside the partnership. (c) Advise whether Tech Wizards Pty Ltd is able to successfully sue Red Brick Road and John and Tom for the outstanding payment of $6,000 for the photocopy machines and computer Kay, specialises in providing investment advice, while John and Tom do most of the accounting equipment. work for the firm's clients. Kay is approached for investment advice by Mr Black, a retiree. Kay convinces Mr Black to invest in Fusion Lid a newly formed investment company. Kay assures (d) Advise whether Kay could be held liable for her actions in setting up her own business and Mr Black of Fusion 's financial standing noting that her husband was the managing director of using the photocopy machines and computer equipment for her own business the company. Mr Black invests $200,000 in Fusion Lid. It subsequently transpired that Fusion Ltd was a two dollar company with no assets and it went into liquidation shortly after Mr Black invested his money. In addition to the above, Kay who regards herself as knowing it all, orders in writing, using the firm's letterhead, 5 photocopy machines at $800 each as well as computer equipment worth $2000 from Tech Wizards Pty Ltd. Due to a recent experience with a previous deal she had struck with a supplier, she has been forbidden by her partners under the terms of the Business Agreement from making any further orders for the firm. However, this time Kay thinks it will be different and believes her partners will approve her actions. When the machines and equipment are delivered, John and Tom immediately send an email to Tech Wizards Pty Ltd advising them that as Kay had no authority to enter into the contracts, the business refuses to accept them. In the interim, John and Tom have since discovered that Kay has set up her own business (with a similar business model as the current business) and that she had been using some of the photocopy machines and computer equipment for her own business Kay has since left for a business trip to Bermuda and was never seen again