The main characteristics of the partnership form of business organization are: . . . Association of individuals Co-ownership of property Division of profit Limited life Mutual agency Unlimited liability . . For each of the following independent examples, identify the main partnership characteristic or characteristics that is (are) being described 1. Lucy Lee, formerly an associate lawyer in a six-partner law firm, was recently made the seventh partner. At her first partnership meeting, several of the partners suggested the firm should sign an expensive long-term lease for space in a modern, new office tower in the middle of downtown. Lucy is uncertain if she will support the proposal, as she is afraid this could lead to her losing her house. a) 2. George and Gerri are partners in a fruit stand. Without telling George, Gerri commits to buying peaches and cherries from George's ex-wife and her new hushand 2. George and Gerri are partners in a fruit stand. Without telling George, Gerri commits to buying peaches and cherries from George's ex-wife and her new husband. a) 3. When the senior partner in an architectural firm suddenly passed away, the remaining partners decided to continue operations as before, but renegotiated the division of the partnership profit (loss). a) 4. Twin brothers decided to join forces to operate a renovation business. One twin contributed all the carpentry tools while the other twin provided cash. a) 5. When one of the partners in a small accounting firm left to work on her own, the partnership was dissolved. The remaining partners were each required to contribute $2,000 cash to satisfy all the liabilities. a) b) c) 6. Two brothers formed a partnership in order to operate a laundromat. When one of the brothers retired, his son took his place. a) 7. For many years, three friends operated a ski hill together. Because of their close friendship, they shared the profits equally. a) b) 8. Francis was a partner in a small accounting firm. He contributed capital in the form of a house that was used as an office. When the partnership broke up. Francis expected the house to be returned to him. a) 9. Lucy Lee was recently made a partner in a law firm that had seven partners. At her first partnership meeting, she discovered that one of the partners, on his own, had purchased an office building for the firm. Lucy is afraid this could lead to her losing her house. a) b) 10. Margaret contributed a patent when she joined an engineering consulting firm as a junior partner. Within two years, the patent had tripled in value. When the patent was sold, Margaret was surprised when her partners took a share of the proceeds. a)