Sumir and Pete each operated businesses selling business communication equipment. Each promoted different lines of business equipment. The two friends were discussing business one evening when it occurred to them that they could pool their resources and work together for greater combined profit.

a) They have come to you for advice on how to best structure this partnership. Discuss the different types of partnerships available. Which one would be the best model for them and why? What are the top 5 issues that Sumir and Pete should ensure is covered in their partnership agreement and why?