Pete the Cat and s friend Grumpy Toad are starting a band. As they tnk it will be quite successful, it would be smart to officially set up a partnersp agreement.

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to you – s mom / dad for advice. Wch option is better for Pete? Wch option is better for the band? Pete also wants to know a little bit about partnersps – what are some advantages and disadvantages he might want to tnk about?

Pete the Cat and s friend Grumpy Toad are starting a band. As they tnk it will be quite successful, it would be smart to officially set up a partnersp agreement. Pete will be able to contribute $1,000 as well as s guitar wch has a fair market value of $500. Grumpy Toad will be able to contribute s bass with a fair value of $800. Pete talks to s brother Bob about the agreement and Bob puts forward two suggestions. Option 1 Pete gets a salary of $10,000 and Grumpy gets a salary of $12,000 Pete earns 20% interest and Grumpy earns 15% Remaining income is split 50 / 50 Option 2 Both partners get a salary of $15,000 Both partners earn 15% interest Remaining income is split 75 / 25 (Pete / Grumpy) Pete tnks that in year 1 the band will make $5,000 but in future years ts will be $35,000 and then $60,000. Pete has come to you – s mom / dad for advice. Wch option is better for Pete? Wch option is better for the band? Pete also wants to know a little bit about partnersps – what are some advantages and disadvantages he might want to tnk about?

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