In: Economics
(a) This is a General Partnership type of business because here's relationship between both the persons for the purpose of business of boutique, where they have agreed to share the profits of a business carried on by all or any of them acting for all.
Problem associated with General Partnership business is:
1) In General Partnership the partners are entitled contribute equally to the losses sustained by the firm. Ie. During the case of dissolution of firm.
2) A partner shall indemnify the firm or any loss caused to it by his willful neglect in the conduct of the business of the firm.
3) And Every partner shall also indemnify the firm for any loss caused to it by his fraud in the conduct of the business of the firm.
(b)
1) There should be an agreement between the parties for the line-up and kind of business take place in the name of the firm.
2) There should be agreement to share the profits of the business.
3) There should be agreement for liability( if limited or otherwise) during the case of wind up of business.
4) The agreement for the payment of salary to the partners, interest on capital.
C) Noor and Sara both will be held liable in case of dissolution of firm both the partners held for the repayment of loan in the proportions in which they were entitled to share profits.
But Noor would be held liable to the firm and to the sara, for the compensation of loss that has incurred because of her willful negligence.