share profits and losses equally although they also decided to take no money from the operation for at least four months
WHAT KIND OF BUSINESS IS THIS? After graduating from college Shelley Williams held several differen Show more WHAT KIND OF BUSINESS IS THIS? After graduating from college Shelley Williams held several different jobs but found that she did not enjoy working for other people. Finally she and Yvonne Hargrove her college roommate decided to start a business of their own. They rented a small building and opened a florist shop selling cut flowers such as roses and chrysanthemums that they bought from a local greenhouse. Williams and Hargrove agreed orally to share profits and losses equally although they also decided to take no money from the operation for at least four months. No other arrangements were made but the business did reasonably well and after the first four months had passed each began to draw out $500 in cash every week. At year-end they took their financial records to a local accountant so that they could get their income tax returns completed. He informed them that they had been operating as a partnership and that they should draw up a formal articles of partnership agreement or consider incorporation or some other legal form of organization. They confessed that they had never really considered the issue and asked for his advice on the matter. What advice should the accountant give to these clients? Show less
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