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1. Join the halves.

                  1. In most partnerships …

                  1. A number of related questions …

                  1. The management responsibilities and the amount of time …

                  1. The important thing is that …

                  1. The partners simply agree to distribute profits according to …

                  1. Among other important financial questions …

                  1. A partnership agreement contained…

                  1. The agreement ensured that …

                  1. The insurance provides the cash needed for …

10. Some buy-sell provisions provide for …

a. … the investment of each partner in the business.

b. … should receive attention.

c. … salaries and expense accounts rank high.

d. … a new partnership would take the place of the original one.

e. … the various partners perform different but complementary jobs.

f. … a buy-sell clause.

g. … the partners work the formula out and include it in the agreement.

180

h. … to be devoted to each can obviously vary widely. i. … a departing partner’s right to select an arbitrator. j. … the surviving patterns to buy the deceased’s share.

2. Complete the sentences:

                  1. A partnership agreement provided that the business would continue if …

                  1. The agreement also specified …

                  1. After the two arbitrators have selected …

                  1. A recommended way to make sure that …

                  1. The roles to be played by the partners should …

                  1. Court cases involving partners frequently …

                  1. Unless the agreement contains provisions on salaries…