ITS A CORPORATION LAW ASSIGNMENT.

Question 1 (11 marks)

Chandler and Joey start a business together making special carbon visors that go into motorcycle helmets. Due to the material used in the visors, they are extremely tough and almost never shatter no matter the amount of impact or force. Instead of selling the visors together, they each agree to take half of their stock. Chandler sells his share of the visors to motorcycle equipment manufacturers. Joey goes online and sells his visors directly to the public.

Required:

1. Are Chandler and Joey engaged in a partnership? (5 marks)
2. If not, what type of business structure are they using? (6 marks)

(Note - You must support your answer by citing specific elements from whatever business structure you state they are using)