Johnny and Ash have not yet incorporated their new company. However, each has already invested $50..

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

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