Ted and Beatrice are considering commencing a business of operating an on-line shoe store. Ted is an expert on computers and Beatrice is an expert on shoes. They are considering using a partnership arrangement. They want to draw up a partnership agreement, but are unsure of what they should agree upon. Ted is also worried that he may be exposed to all the debts of the business.

Required:

Advise Ted and Beatrice of what their partnership agreement should cover. Also explain to Ted the law relating to his exposure to partnership debts.