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Business Guide

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CONTROL IS THE BASIS OF EVERY EFFECTIVE MANAGEMENT!
 

Partnership

When two or more people get together to form a business, this business is known as a partnership. They share cost and/or other resources toward the operation of a venture. Partners pay personal income tax on their share of the profits, but the business itself is not subject to income tax. Nothing separates the partners' personal finances from those of the business.

There are two forms of partnership:

GENERAL - in which all partners share in the management of the business in agreed portions, and in the liabilities and profits.

LIMITED - partners who invest a specific amount of money and are liable for debts up to that amount. Usually they are not involved in the day-to day operation of the company.

ADVANTAGES

Partners usually invest cash in a business and that means that there's more capital on hand.
Banks or suppliers will be more prepared to extend credit because more than one person is assuming responsibility for the debt.
Partners can bring complementary talents to a business (for example one has excellent ideas and other is a very good salesperson).
Partners share the liabilities of a business.
Possible tax advantages.

DISADVANTAGES

Possible difficulty in finding a suitable partner - one who supports your personality and skills.
Different perspectives may result in disagreements and the partnership may become hard to manage.
Each general partner has a say in the way the business is run.
Partners share profits, too.
General partners may have to sell their personal assets to meet debts.
There's nothing to stop partners from taking your idea and going into business for themselves.
If you want to sell, you must have the approval of the other partners or they must buy you out themselves. It can be long process and painful.
Partnership dissolve if any partner doesn't live up to the partnership agreement (illness, insolvency, death, incompetence etc. ). Insurance can cover some of these eventualities and allow the business to keep running.

RELATED INFO

Buying An Established Businesss
Buying A Franchise
Market Research
Your Product Or Service
Your Customers
Your Competition
Getting A Financial Picture
Business Guide

RECOMMENDED  LITERATURE

How Customers Think: Essential Insights into the Mind of the Market - Building on research from disciplines as diverse as neurology, sociology, literary analysis, and cognitive science, Zaltman offers rich insights into what happens within the complex system of mind, brain, body, and society as consumers contemplate their needs and evaluate products. Zaltman illustrates how leading companies are "mining the unconscious" - with remarkable results, and introduces innovative tools & techniques that help marketers:
* Develop research questions that speak to the unconscious brain.
* Evoke valuable meaning through a customer's metaphors and instill those images in brand communications.
* Measure consumer reactions to marketing stimuli and alter advertising or positioning strategies accordingly.
* Build "consensus maps" that reflect a market segment's universal thinking-and reengineer them to boost customer satisfaction, loyalty, and sales.
* Understand how their own minds work-and how they can think in creative new ways. The mind of the market is waiting to be explored. Make sure your competitors don't get there first.

Tested Advertising Methods - A legend in advertising for more than 60 years, John Caples still serves as a guide to generations of creative marketing people. Now his classic work on how to create successful advertising has been updated by respected advertising consultant Fred Hahn. It retains all the clarity, candid analysis, time-tested experience and invaluable award-winning ideas from the original, while bringing it right up-to-the-minute on the many new changes in the field.

 
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