Question
KC and Farley were involved in a relationship. Due to Farley's recent termination, KC invited Farley to work with her in her web design business.
KC and Farley were involved in a relationship. Due to Farley's recent termination, KC invited Farley to work with her in her web design business. Farley jumped in and helped with promotions, marketing, accounting, and addressing customer needs. KC did not pay him a regular salary, but if he paid for anything on his credit card, she reimbursed him for those expenses. He did not take any profits that were made because he told KC that he wanted to help her grow the business through his sweat equity. A few months later, their personal relationship became rocky and she asked Farley to move out of her house and said she no longer needed his services for the web design business. Farley objected and said she owed him 50% of the profits from the web design business since they were partners. Analyze each of the requirements for a partnership and does KC owe Farley 50% of her profits?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started