Demi is an accounting analyst. She made a name for herself in the Florida panhan

Question

Demi is an accounting analyst. She made a name for herself in the Florida panhandle with several small businesses. Growing tired of working seven days a week, Demi formed a partnership with a local software saleswoman, Danica. They agreed via e-mail as to how expenses and such would be handled-each department would be its own profit center and each partner should be responsible for her individual departments. Although they agreed to this via e-mail, the partners failed to draft a formal partnership written agreement. While Demi went about working with clients and reimbursing her expenses, Danica grew resentful of Demi

Explanation / Answer

a) Yes danica has done a fraud by clearing out partnership bank account without prior consent.

b) No, an electronic agreement be held identical to a formal, written partnership

agreement. No difference is made if both the pertners are working in a environment where decesions and work are performed electronically. To enter into a partnership agreement a written partnership agreement is necessary.

c) partrners should file suit before the debt became time barred( before 3 yrs ) this could save them.

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