A group of twenty-two auditors meet to consider forming a partnership. They meet to agree on the contribution each one of them will make to the partnership. Some of the partners want the partnership to deal only with audits, and others want it to deal only with tax matters.
Which ONE of the following issues must be addressed before the requirements for a partnership will be satisfied?
1 The parties must determine a common objective.
2 The parties need to reduce the number of prospective partners to less than twenty.
3 The parties need to put the agreement in writing.
4 The parties must stipulate the amount each member must contribute.