(Solution) - The following questions relate to issues faced by partnerships 1 The -(2025 Original AI-Free Solution)

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The following questions relate to issues faced by partnerships.
1. The text suggests that a written partnership agreement should be drawn up between the partners in a partnership. One benefit of an agreement is that it provides a mechanism for resolving disputes between the partners. What are five areas of dispute that might be resolved by a partnership agreement?
2. The statement has been made that "If you must take on a partner, make sure the partner is richer than you are." Why is this statement valid?
3. Frizzell, Clamath & Legree is a partnership of lawyers. Clamath is planning to move to Australia. What are the options open to her to convert her share of the partnership assets to cash?