MGSC30H3 Study Guide - Quiz Guide: Woodworking Machine, Woodworking, Fiduciary

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Document Summary

Agnes white is a tool and die maker. She met red wolfe when they both worked in a local machine shop in 2004. About a year after they met, they entered into a business arrangement which involved the purchase and resale of used machinery for woodworking. Red wolfe had his own machine shop by then, which he ran through a corporation called rw enterprises ltd. ( rw ). Red and agnes agreed that rw would repair the used machinery and be paid for its services. Then any net profits from the arrangement would be divided equally between agnes and red personally. In the year the business started, agnes did not draw any funds from the business. They share the profits from their business and apparently share control of the business. They contract with rw to conduct repair services, which is only part of the business, and run the purchase and resale part of the business themselves.