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SCENARIO Pam Cakes, Mabel Sirrupp, and Benji Wafel agree to go into the restaurant business together in Baltimore, specializing in breakfast cuisine. Cakes will contribute
SCENARIO Pam Cakes, Mabel Sirrupp, and Benji Wafel agree to go into the restaurant business together in Baltimore, specializing in breakfast cuisine. Cakes will contribute $25,000, Sirrupp $50,000 and Wafel $5,000. Sirrupp, who lives in Denver, will not manage the business on an ongoing basis, but expects to receive profits from the business. Cakes, who lives in Baltimore, is a dentist for her regular job but also plans to have time to help run the restaurant. Wafel, who has a degree in restaurant management, plans to make the restaurant his regular full-time job. What provisions do you recommend be included in the partner/ shareholder" agreement? Explain the options and ramifications of the various provisions that may be contained in the agreement
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