Reference no: EM133221673

Johnny and Ash have not yet incorporated their new company. However, each has already invested $50 000 into the business by depositing the money into Johnny's business account. Johnny is negotiating the purchase of a small factory in his own name, and is purchasing the equipment and materials he will need to start manufacturing Organicola. Ash has also started spending 2 or 3 hours every evening writing a business plan and a marketing plan.

(1) Have Johnny and Ash formed a partnership? (2) If so, what are the legal consequences?

Need explanation in more than two hundred and also explain reason for the answer IN TEXT FORM

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