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Steve and Tamara are planning to work together on a project. Steve will use his importing experience to buy goods at low cost from China.

Steve and Tamara are planning to work together on a project. Steve will use his importing experience to buy goods at low cost from China. Tamara will use her retail experience to set up and manage a retail store. To cover the initial expenses of setting up the business, each will provide $5000. After deducting all the costs of importing and selling the goods, they plan to share any remaining profits, with Steve receiving 2/3 and Tamara receiving 1/3. Steve will visit Tamara once a month, so they can discuss their business activities. Because both are currently very busy, they decide to wait a few months before they start working on the project. Is there a partnership between the two? Make sure to first list and briefly explain the five legal requirements for creating a partnership before applying all ofthemto the facts.

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