Law Business Written Assignment

Question B: Is Julianna liable to pay David half of the money she earned from the TikTok videos?

Issue:

The main issue is to address whether Julianna must share income derived from Tik Tok videos with David.

Rules:

Partnership context is customary for losses and profits that are evenly divided between the partners unless there is an alternative arrangement to establish a formal partnership agreement.

Analysis:

David and Julianna established and engaged in a partnership for ' Kung-Fitness' a joint venture to imply and adhere to the default rule for equal profit sharing until they both join into a formal agreement. SMS conversation between them is not helpful or indicates any explicit agreement on the distribution of income generated from the Tik-Tok videos []

Question C: Is the equipment Julianna brought to David’s garage partnership property?

Issue:

The main issue is to resolve the equipment whether it is bought by Julianna or subsequently removed from David’s garage.

Rules:

The partnership context assets typically relate to partnership properly and they must be bround the equipment as partnership stock or acquired for partnership benefit. The default Analysis:

The equipment that Julianna brought from David's garage is worth approximately $6000 and was transported to support the ' Kung-Fitness' video production. It is an integral component of joint partnership business. The equipment played a vital role in creating content for the YouTube channel []. It is a direct contribution to the earnings activating to generate more profit. The given situation is reasonable to argue on equipment that qualifies partnership rules property according to the Act. David's objection to taking the equipment by Julianna when she decided to video part ways with him. The case is that the equipment is intended for partnership use not alone use. He asserts that the property belongs to the business which implies both parties considered it as a shared asset []. The absence of documentation of the partnership agreement indicates a different understanding regarding ownership of equipment supports and the presumption that falls under the category of property partnership. Without any formal agreement, the equipment exclusion from partnership assets may be applied for default rules, and the equipment is considered part of partnership property.

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