PARTNERSHIP

After graduating from university, Tristan and Christopher decide to start a marketing agency together and provide social media services to local businesses.To help them get started,Tristan's uncle, Richard, invests $10,000 into their agency butdoesn't want to be actively involved in the business.

Tristan and Christopher come to you for legal advice on the best way to set up their business.

(a)Which type of partnership model do you recommend they create and why?(2 Marks)

(b)Based on your answer in Part A, advise eachofTristanandChristopher on the risk to their personal liability in the partnership model.(2Marks)

(c)If Tristan and Christopher changed their minds and decided to start an accounting firm would your answerto Parts A and Bchange? Why or why not?(3Marks)