Decision Case 12-1 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...

Decision Case 12-1

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. Don Loomis is planning to retire from the partnership and move to Canada. What options are available to Loomis to enable him to convert his share of the partnership assets to cash?