Chuck, Howard, and Ben decide to start a business venture, developing and distributing educational software. For tax reasons, they do not incorporate. Each contributes $10 000, and Howard also contributes a truck and his programming expertise. They agree that all three will be actively involved in the day-to-day management of the business. To determine their rights and obligations, they enter into a one-page agreement that provides only that each of Chuck, Howard, and Ben will receive 33.3% of the profits but also states specifically they are not to be viewed as partners. Based on these facts, which of the following statements is true?
◦ Chuck, Howard, and Ben are not partners because they do not share profits in proportion to their capital contributions.
◦ Chuck, Howard, and Ben will be considered partners in the eyes of the law, because they share profits and are involved in the management of the business.
◦ Chuck, Howard, and Ben are not partners because to be partners they must be professionals, such as dentists, lawyers, or doctors.
◦ Chuck, Howard, and Ben will not be considered partners because of their express intention in their agreement.
◦ Chuck, Howard, and Ben will be considered partners, but someone claiming against the partnership will only be able to collect 33.3% from any one partner because of the agreement.
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Business Math
Math for Business and Finance: an Algebraic Approach, 3rd Edition Jeffrey Slater