Types of Partnerships

Types of Partnerships

“ There are basically two types of partnerships: general partnerships, which consist of general partners who share the management of the entity, and are personally responsible for the partnership’s obligations and each other’s actions: and limited partnerships, which consist of two classes of partners: general partners who run the business, and limited partners who are essentially investors”.

If a business is going to be owned by two or more owners, the simplest business form to create and operate is general partnership. The partnership agreement should be written up and signed by all partners to avoid problems later. The flexibility of a partnership helps the business to operate that best fits the needs of the partners. When the partner contributes capital to a partnership, the partner receives an ownership interest in all of the partnership. A partner interest is a capital asset that can be bought or sold without permission of the other partner and that can increase or decrease in value over time. A partner of two or more individuals may require the effort of all the partners to succeed, especially in the early life of the business.  If one partner withdraws or dies, the existence of the partnership may be threatened. To protect the partnership, you should consider setting up buy/sell agreements and “key man” life insurance policies on the partner. This agreement specifies how the value of the partner’s interest will be determined if the partner wants to leave the partnership.

Starting up your business

Starting up your business

Most business owners understand that a traditional loan is one way to fund a business startup. A cash loan is one source that provides credit. Through exchanging something for a source of value for a promise to pay it back. The other type of credit you may be eligible for is vendor credit. I have a friend that just started her own business and she uses this source.  Vendor credit allows anything that is shipped to you with the terms of net thirty days or more allows you to add and collect your markup, a markup is your gross profit, before you have to pay the vendor.  This is not as good as a long term loan, which allows time for you to establish yourself first. If you make carful purchases, you may be able to turn inventory quickly and pay for it after you have a sold it to your customers.  Having a business that only takes special orders to be shipped directly will allow you to collect your sale and send the purchase portion off to your vendor.  It is a good idea to check all the recourses available before choosing which will be best for your business.

Mistakes first time Entrepreneurs make

Mistakes first time Entrepreneurs make

            Becoming an Entrepreneur takes a lot of dedication, research, planning, and budgeting.  First time entrepreneurs often make mistakes, here are some I have learned through Entrepreneurship classes I have taken. With planning the right steps and avoiding common mistakes can help your business grow and develop into a strong structured business.

1.    Don’t focus on one single idea:  Exploring new and different ideas and options to see which will work the best for your business.

2.    Not having a clear idea:  Write a business plan, set both short and long term goals.

3.    Lacking experience:   Before trying to start up a business it’s important to have experience, a business degree, and work experience is a great start.

4.    Not having enough capital:  May cause your business to use up all its capital before the business can earn enough profit.

5.    Choosing the wrong business structure:  There are different structures to choose from, sole proprietorship, s-corp, or limited liability Company’s. Choosing which one can be confusing and buy making the wrong choice can put your business at risk.

Starting your own business can be rewarding, exciting, and fun.  I believe if you put your mind into it you can become a successful Entrepreneur.

           

I- Search Ideas

“My three top topics"

         The first topic I choose is Entrepreneurship; I would like to learn how to effectively run my own restaurant. I would enjoy working for myself instead of working for someone else. I am pursuing a degree in Business Management.  I want to learn the correct steps to take to make my dream a reality. I have learned the first step is to have a business plan to help organize and develop goals to accomplish. Second you need a business proposal for the bank that you are trying to get financed through. I would also like to know how to keep, maintain, and run an effective restaurant.

            My second topic I would like to learn more about is working moms.  I am one and I understand how difficult it can be.  I would like to learn how to balance work, family life, be less stressed, and enjoy working.  I would also like to know if women are underpaid vs. Men.  The top jobs women like to do and how to earn a better job as a single mom.

            The third topic I choose is back to school moms.  I also chose to go back to school as a mom.  I would like to know if there are other grants, scholarships that women with children can earn. The top degrees women prefer, and the amount of money women can make with a degree.

Becoming an Entrepreneurial Mom

Becoming an Entrepreneurial Mom

            Raising children is demanding enough for most women alone.  Starting a business and being successful at it along with raising children is even harder in today’s economy.  My ultimate goal is to become an Entrepreneurial mom by owning and running my own business.  I have taken a lot of steps to make this goal a reality for myself one day.  Even though you don’t need a degree to run a business, I am taking the steps to earn one.  I believe having a degree will help your business tremendously.  I have learned that most business will show if they succeed or fail within the first two years. I will receive an associate’s degree in business management in the summer of 2012.  Then I plan on earning a bachelors’ degree through Delta College’s 3 in 1 program and that transfers to Northwood University.

            Working for other businesses has also helped me learn and prepare for becoming my own entrepreneur.  Being self sufficient and learning to take charge of the situation by guiding and helping others on being successful with their job.  I believe having a business plan on steps to follow will help you become a successful entrepreneur mom.  I find this web site helpful with planning and making goals.  

http://www.business.com/startup/business-plans/

Having a business plan allows you to set goals, identify company problems, distribute resources, identify threats to your business, determine your strengths, and identify the weakness of your company.  This is the first start to becoming an entrepreneur mom and gets your business started. Having a well drafted business proposal will help when it’s time to present your proposal to the bank for loans to open your business.

  http://www.proposalkit.com/htm/sample-business-proposals-links.htm#sbpfp

"Mom's Holiday Stress"

“Mom’s Holiday stress”

            The Christmas season is approaching soon.  There is so much to do and prepare for that mothers work is never done.  With the holiday season stress can become over whelming.  There is no better time to start planning then now.  I find it less stressful to start a lay-away plan a few months in advance.  K-mart has a great plan.  With as little as five dollars down and make payments over the next few months. You can get all your shopping done with paying what you can afford without paying out of pocket all at once. You can even make payments on line which I find convenient. If k-mart is not your ideal store there are other stores with law-away plans that can fit any budget. Sears, JC penny, Toys-r-us, Wal-Mart, and Meijer’s just to name a few.

http://www.kmart.com/kmart-layaway/dap-100000000053509

            Sometimes you don’t have any idea what to buy someone on your shopping list.  I find it convenient to buy gift cards, because they can purchase what they want.  Money can be tight around the holiday season.  A single mom’s income does not stretch that far and can barely pay the bills. There are programs that can help with food, clothes, and toys for low income families. Toys for tots, food banks, and local churches help out families.  http://www.toysfortots.org/

            If you plan ahead and use helpful resources you can take a lot of the stress out of the holiday season that is approaching.  I find using a plan and starting early saves our family money and we avoid all the last minute shopping.  

Mothers work is never done!

Mothers work is never done!

            Mom’s today have busy work schedules.  Long days and long nights taking care of house work and their children.  Always busy with taking the kids to their soccer games, football, baseball, and dance resettles.  No time is ever wasted with cooking, cleaning, and running errands.  Even the dog is fed. Moms meet every ones needs before their own.  When is it moms turn to pamper themselves?  We neglect that we need time to ourselves.  There are a few ways I find relaxing and enjoy to do when I am over worked and stressed.

            I like to take time out for myself by getting a good book, run a hot bubbly bath and soak, read, and relax.  It relieves my stressful day and puts me in a relaxed mood.  I like to take long walks with headphones on listening to soothing music.  This gives me serenity.  Or just relaxing by our pond always puts me in a good mood.  The sounds of the water are tranquil and peaceful to your ears. You can also find many good ideas on pampering yourself and taking away some of the stress from those long over worked days. http://www.parenting.com/gallery/easy-ways-to-pamper-yourself   This website has over thirty easy ways to pamper yourself even if you only have fifteen minutes to spare.

            Most moms do not take time to relax or unwind.  Over time this will wear you down and you will feel over worked and stressed.  There is a website that can help recognize the signs of burnout.  Some signs are depression, lack of energy, lack of desire, and inability to relax.  http://www.davidsonstaffing.com/articles/career-burnout.aspx  Learning to distinguish normal stress from the deeper issues that lead to career burnouts is important in order to effectively deal with the problem.