1. General Partnerships assume that profits, liability and management duties are divided equally among partners. If you opt for an unequal distribution, the percentages assigned to each partner must be documented in the partnership agreement.
2. Limited Partnerships (also known as a partnership with limited liability) are more complex than general partnerships. Limited partnerships allow partners to have limited liability as well as limited input with management decisions. These limits depend on the extent of each partner’s investment percentage. Limited partnerships are attractive to investors of short-term projects.
3. Joint Ventures act as general partnership, but for only a limited period of time or for a single project. Partners in a joint venture can be recognized as an ongoing partnership if they continue the venture, but they must file as such.
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Create master-apprentice relationships. These leaders not only recognize team members who have high potential, but they willingly and selflessly customize their coaching to what these special protégés really need. Great leaders provide opportunities and personal growth assignments that go far beyond conventional training programs.
Measure by relationships as well as competitiveness. Exemplary business leaders understand the cohort effect, where peer relationship building is as important to winning as knowledge and power. Good connections and team building are the keys to success. They mentor protégés on talent spotting, creativity, and motivation as well as strategy.
Encourage employees to move on to new opportunities. Nobody likes it when great employees leave for a new challenge, but the best leaders don’t respond with anger or resentment. They know that former direct reports can become highly valuable members of their network, and new business partners as either rise to new major roles elsewhere.
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