The following questions relate to issues faced by partnerships.

Requirements

$1.$ The text states that a written partnership agreement should be drawn up between

the partners. One benefit of a partnership agreement is that it provides a mechanism

for resolving disputes between the partners.

List five areas of dispute that might be resolved by a partnership agreement.

$2.$ Loomis & Nelson is a law partnership. Loomis is planning to retire from the

partnership and move to Canada. What options are available to Loomis to enable her to convert her share of the partnership assets to cash?