Explore the pros and cons of partnership now! Partnerships are collaborative business structures with financial, legal & responsibility advantages & disadvantages.
Understanding the Pros and Cons of Partnership
Partnerships can be a great way to start and manage a business, but like any business structure, they come with their own set of advantages and disadvantages. Let’s explore some of the pros and cons of partnership:
Pros of Partnership:
Shared Responsibility and Expertise: Partnerships allow for sharing workload, responsibilities, and decision-making among business partners. This can help lighten the individual burden and bring diverse skills and expertise together.
Financial Strength: Partnerships often provide better access to financial resources compared to sole proprietorships. Each partner can contribute capital to the business, making it easier to secure loans and investments.
Risk Sharing: In a partnership, risks and liabilities are shared among partners. This can help reduce the individual exposure to financial and legal risks associated with running a business.
Complementary Skills: Partnerships often involve individuals with different skill sets and experiences. This diversity can lead to better problem-solving, innovation, and overall business success.
Flexibility: Partnerships tend to have fewer legal and administrative formalities compared to other business structures. This allows partners more flexibility in managing and adapting the business to changing circumstances.
Cons of Partnership:
Shared Decision-Making: While shared decision-making can be a good thing, it can also lead to conflicts and disagreements among partners. Disagreements on important matters can hinder progress and affect the smooth running of the business.
Unlimited Liability: In a general partnership, each partner is personally liable for the business debts and obligations. This means that the personal assets of partners can be at risk in the event of legal claims or financial troubles.
Profit Sharing: Partnerships involve the sharing of profits among partners. Depending on the partnership agreement, this may or may not be favorable for all partners. If there is a significant disparity in the contribution or effort put forth by each partner, it can lead to dissatisfaction.
Lack of Continuity: Partnerships can face challenges when it comes to continuity. The departure, retirement, or death of a partner can lead to disruptions and could potentially dissolve the partnership.
Joint and Several Liability: Each partner in a general partnership is jointly and severally liable for the actions and decisions of the other partners. This means that partners can be held responsible for the actions of their co-partners, potentially leading to legal and financial consequences.
It’s important to note that partnership agreements can customized to address these pros and cons, providing clarity on roles, responsibilities, profit distribution, decision-making, and mechanisms to handle disputes. Seeking legal and professional advice is recommended when establishing a partnership to ensure a solid foundation for your business.
YouTube Channel: Do you want to be a YouTuber and make money? So, this article for you; why need a YouTube Channel? as per the latest trend, you are to create a youtube channel to create a successful business online. Many entrepreneurs are mostly concentrating on video marketing rather than any other media. For example, if you have a website and you want to promote it. If you’ve only been using text and image-based content for your business, video content, or clip best for your growth.
Here are explains; Start a YouTube Channel to make money by AdSense, Sponsorship, and Affiliate Marketing.
What is a YouTube Channel? A YouTube Channel is like having your homepage or TV channel on YouTube. You can add videos to the channel and organize the videos according to topics and dates. Additionally, you can customize your channel with logos, graphics, pictures, and text descriptions. This can help you brand your business.
It will also help you describe what content your channel offers to visitors. Video marketing is one of the main ways to drive huge traffic to your blog. Before you start to post your first video, you should find the perfect niche for your youtube channel. And stick around with this same niche.
Once you get huge subscribers to your youtube channel, you can monetize your channel by market products and other services.
And find what your audience needs from you.
Solve their problems and communicate with your audience.
And also it’s important to create high-quality videos.
On the other hand, you can make your youtube channel like a business.
Google Adsense:
Adsense is the best way to make money from the internet. You will get paid for each click.
Affiliate Marketing:
You can make money from other companies by selling their products and get a commission for each sale.
How Does It Work?
You can start incorporating YouTube into your affiliate marketing strategy by partnering with video creators to make content around your product.
Then these video creators, affectionately referred to as YouTubers can share tracking links to your store. Most tracking links will be shared in the video’s description.
If the affiliate is part of the YouTube Partner Program, they will be able to place a link directly in the video. Additionally, videos are a great way to share coupon codes with viewers.
Finding YouTube Affiliates:
As we said before, YouTube is a powerful channel. But with great power comes great responsibility. In comparison to finding affiliates that use other marketing channels, finding skilled YouTube affiliates requires more research and outreach.
If your channel gets 50k-100k subscribers, you can easily get sponsored tie-ups from brands that can bring in higher revenue.
What a YouTube sponsor has to do is similar to what sponsors on the Patreon and Kickstarter donation platforms have to do. On these two platforms, sponsors can choose from different membership packages, which cost different amounts and are associated with different exclusive offers from the YouTuber.
For many creators, these extras are the reason why they pay a monthly amount to the creator. This principle works so well because performance compensates with a reward. As an official sponsor of a YouTuber, you have some advantages over non-sponsors. Which advantages and benefits you enjoy as a sponsor depends on the respective YouTuber.
They may provide exclusive video material and distribute promotional codes, recommendations, images, or extra content to their members. Special announcements or events such as fan meetings can also be organized exclusively for sponsors.
Alongside this, you can also launch your own business like an e-learning portal, e-commerce store, and others which can further monetize your YouTube page.
YouTube channel monetization policies:
If you’re monetizing on YouTube, your channel must follow YouTube monetization policies, which include YouTube’s Community Guidelines, Terms of Service, Copyright, and Google AdSense program policies.
These policies apply to anyone in, or looking to apply to, the YouTube Partner Program. Learn more about why we enforce channel monetization policies. If you want to monetize videos with ads, they must also meet our Advertiser-friendly content guidelines.
How to Set-up your YouTube channel for AdSense payments?
If your channel has been approved to join the YouTube Partner Program, you need to associate an approved AdSense account with your YouTube channel to earn money from your videos and get paid.
Benefits of YouTube Channel:
YouTube provides an immense number of benefits to both sole proprietors and larger companies. Creating, launching, and hosting a YouTube account will cost you nothing. It is 100% free. You consider it to be a form of free online advertising. One of the benefits of having a YouTube channel is that you can use it to divert targeted traffic to your website.
Visitor traffic to your YouTube videos can divert to your website via embedded links directly in videos and links in the video descriptions. You can also add promotions into your videos that can further drive traffic and boost sales. Producing high-quality video content constantly can help you amass a loyal group of followers on YouTube. These followers will most likely become customers and probably repeat customers.
Do You want to start a YouTube Channel to make money by AdSense? Image from Pixabay.
Best things:
If you gain a large enough following, other companies may want to pay you to run their ads during your video. You can even manually insert ads for your products. This can help you further monetize your content and turn your YouTube channel into an additional source of income.
With monetization, you can turn your channel into more than a marketing and outreach platform. It can also become a source of revenue for you. Lastly, creating a successful YouTube channel is a great way to manage your reputation. YouTube videos rank high in search engines such as Google. Creating content about your brand on YouTube will inevitably create a more positive view of your brand.
If you like to grow your YouTube Videos like and view of million or going to be viral, then you need to promote your videos. There are many alternative ads site but Google Ads or Google AdWords is best of all of them.
How to Promote Your YouTube Videos With Google Ads for your YouTube Channel?
No one has yet created a robot that sets up YouTube video marketing ads for publishers. The process may sound somewhat complicated at first because the YouTube ad system is powerful, but it’s fairly easy to start your first campaign. How to set up you’re ads? If your just starting with Google ads. Promoting is the best thing to promote your youtube video going to viral; So, how to start? For YouTube Channel, If you are Ads Beginners, going to viral your videos. Why Google Ads? Because of the Google ads campaign and talking about the benefits of Google ads for small businesses.
Google talk about how? Here are the Link YouTube channels and Google Ads:
Linking a YouTube channel to a Google Ads account allows the linked ads account to run ads based on interactions with your channel’s videos. The linked Google Ads account can be granted permissions to access video ads’ organic view metrics, show ads to people who visit and interact with your channel and get insights about how people interact with your channel after viewing your ads. This article shows you how to link a YouTube channel with a Google Ads account.
How does it work?
When you link a YouTube channel to a Google Ads account, the YouTube channel owner can choose to make the following features available to your linked Google Ads account:
View counts: View organic (non-paid) metrics for your videos.
Remarketing: Create remarketing lists based on viewers’ past interactions on linked channels.
Engagement: View earned action metrics from video ads from linked channels.
You can link more than one Google Ads account to a YouTube channel, and vice versa. Keywords and tags also more important for your Youtube Channel videos going to viral; so, here are some tips for managing negative keywords. Video title, content category, content tags, image, size, and also keywords. The most current and daily base of activity get more viewing.
Understanding and Learn, Case Study of A Powerful Partnership of Strategy and Corporate Communication in FedEx.
FedEx is an international company that provides shipping by a series of air and land and logistics and business consulting services, not only for its core businesses with customers but also for the main business objectives, with speed in their communication with the constituencies And provide dependence. In FedEx, employees work in 200 countries for 7 days a week, 24 hours a day. The corporate communication function should act as a broader scenario with speed, high impact, and precision. Also learn, Case Study of A Powerful Partnership of Strategy and Corporate Communication in FedEx.
Given the core businesses of the company, communication challenges can arise in many challenges – anything from crisis management, such as an accident after the accident or computer outage, for the management of e-commerce initiatives, the implementation of a new business model quickly for.
According to Corporate Vice President Bill Margaritas, corporate communications need to add significant value to the business and the company should have a complete alliance with high impact strategic decision makers. But how did they complete it in FedEx? First of all, Margaritis organizes an annual audit with the authorities so that it can know what they are trying to achieve and establish a scorecard for success. These are the company’s new “customer-facing market-market” strategies to improve development and profitability. This structure allows the team to pay full attention to active opportunities, rather than being less vulnerable to operational issues, which are important for management but are distinctly different.
Since the company has created cross-functional groups to solve these strategies, which are at the center of FedEx business. Margaritis Corporate Communications specifies people to have each cross-functional groups dedicated to the “well-known market” strategy. In this way, the perspective of corporate communications on issues such as message about launching a new product, sending news about mergers and acquisitions, pitching the media, and helping in the management of government relations in highly regulated environments, where FedEx operates , Voices are raised with concerns about finance, operations, information systems, and long-term strategic goals.
By dividing corporate communications employees into “go-to-market” groups, customer-facing tasks such as sales, customer care and information technology, Margaritis has gained significant side-effects, they develop a multi-talented group of communication professionals Strategic-level issues of reduction in functional areas such as marketing, finance, sales, technology, and tactics Can help solve problems. Members of his team do not just fill a narrow space, such as writing newsletters for pilots or making speeches for senior executives. Instead, their employees can move through projects to build a comprehensive knowledge of business and can contribute to value-added advocates in those decisions.
The senior management at FedEx realizes that when the company offers new services, offering new services, and making a commitment in the market, the company’s brand is online with several constituencies – opinion leaders, media, Investors, employees, customers as well. For the strategy of working, the company’s culture has to be migrated to a new strategic direction; Employee behavior, motivation, and emotions should be changed accordingly.
Using an example of the company need to make a purchase for a new customer initiative, Margaritas explained the possible partnership between corporate communications and the company’s major strategic decisions:
When companies are rapidly considering changes to their business strategies or business models, then corporate communications groups should play a vital role in the planning and execution process. To change quickly, the company needs to get this news primarily in an attractive, versatile manner in important constituencies, and they have to buy. For example, the company makes a new pledge to the customers, the organization should have a program that connects employees with this new purpose.
A company wants that loyalty of employees to be combined with new value propositions, and translate the new pledge into shareholder value. Employees need to reach new strategies. If not, the company’s brand and reputation may be suffering, corporate communications, one of the things is related to research between employee behavior, and tasks with customer service, and therefore performance interval with active communication programs. Corporate communication has to play a leadership role in a changing environment.
FedEx takes a holistic view of corporate communications in all channels and audiences: by planning and executing a new strategy to measure attempts to add behavior and approach to business and market behavior related to marketplace and market behavior.
Explaining, What is Partnership? and learn, How Does it work in Business?
A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations. Organizations may partner to increase the likelihood of each achieving their mission and to amplify their reach. A partnership may result in issuing and holding equity or may only govern by a contract. Also learn, What are the Features of Sole Proprietorship? Partnership: How Does it work in Business?
History!
Partnerships have a long history, they were already in use in Medieval times in Europe and in the Middle East. In Europe, the partners contributed to the Commercial Revolution which started in the 13th century. In the 15th, century the cities member of the Hanseatic League would mutually strengthen each other; a ship from Hamburg to Danzig, would not only carry its own cargo but was also commissioned to transport freight for other members of the league. This practice not only saved time and money; but also constituted the first step toward partners. This capacity to join forces in reciprocal services became a distinctive feature, and a long-lasting success factor, of the Hanseatic team spirit.
Meaning!
A partnership is a formal arrangement in which two or more parties cooperate to manage and operate a business. Various partnership arrangements are possible: all partners might share liabilities and profits equally, or some partners may have limited liability. Not every partner is necessarily involving in the management and day-to-day operations of the venture. Such as in the case of a “silent partner.” In some jurisdictions, partners enjoy favorable tax treatment relative to corporations.
Definition!
“A type of business organization in which two or more individuals pool money, skills, and other resources, and share profit and loss in accordance with terms of the partnership agreement. In absence of such agreement, a partnership is assumed to exit where the participants in an enterprise agree to share the associated risks and rewards proportionately”.
How does it work in Business?
Business-partners is similar to a personal-partners. Both business and personal involve:
Pooling money toward a common purpose.
Sharing individual skills and resources, and.
Sharing in the good and bad times.
A business-partners is a specific kind of legal relationship form by the agreement between two or more individuals to carry on a business as co-owners. Also, A business with multiple owners, each of whom has invested in the business. Some partners include individuals who work in the business. While other partnerships may include partners. Who has limit participation and also limited liability for the debts and lawsuits against the business?
As different from a corporation, is not a separate entity from the individual owners. The partner’s income tax is paid by the partners, but the profits and losses are divided among the partners, and paid by the partners, based on their agreement. As well as, a sole proprietorship, is a pass-through business, meaning that the profits and losses of the business pass through to the owners. Also learn, What is Leadership?
Thanks, Also, Photo Credit to pixabay.com/ More free Images!
Reference!
1. Meaning – //www.investopedia.com/terms/p/partnership.asp
“The Fairy Tales” short story was written by the Brothers Grimm: A certain cat had made the acquaintance of a mouse, and had said so much to her about the great love and friendship she felt for her, that at length the mouse agreed that they should live and keep house together. ‘But we must make a provision for winter, or else we shall suffer from hunger,’ said the cat; ‘and you, little mouse, cannot venture everywhere, or you will be caught in a trap someday.’ The good advice was followed, and a pot of fat was bought, but they did not know where to put it. At length, after much consideration, the cat said: ‘I know no place where it will be better stored up than in the church, for no one dares take anything away from there. We will set it beneath the altar, and not touch it until we are really in need of it.’ So the pot was placed in safety, but it was not long before the cat had a great yearning for it, and said to the mouse: ‘I want to tell you something, little mouse; my cousin has brought a little son into the world, and has asked me to be godmother; he is white with brown spots, and I am to hold him over the font at the christening. Let me go out today, and you look after the house by yourself.’ ‘Yes, yes,’ answered the mouse, ‘by all means go, and if you get anything very good to eat, think of me. I should like a drop of sweet red christening wine myself.’ All this, however, was untrue; the cat had no cousin, and had not been asked to be godmother. She went straight to the church, stole to the pot of fat, began to lick at it, and licked the top of the fat off. Then she took a walk upon the roofs of the town, looked out for opportunities, and then stretched herself in the sun, and licked her lips whenever she thought of the pot of fat, and not until it was evening did she return home. ‘Well, here you are again,’ said the mouse, ‘no doubt you have had a merry day.’ ‘All went off well,’ answered the cat. ‘What name did they give the child?’ ‘Top off!’ said the cat quite coolly. ‘Top off!’ cried the mouse, ‘that is a very odd and uncommon name, is it a usual one in your family?’ ‘What does that matter,’ said the cat, ‘it is no worse than Crumb-stealer, as your godchildren are called.’
Before long the cat was seized by another fit of yearning. She said to the mouse: ‘You must do me a favour, and once more manage the house for a day alone. I am again asked to be godmother, and, as the child has a white ring round its neck, I cannot refuse.’ The good mouse consented, but the cat crept behind the town walls to the church, and devoured half the pot of fat. ‘Nothing ever seems so good as what one keeps to oneself,’ said she, and was quite satisfied with her day’s work. When she went home the mouse inquired: ‘And what was the child christened?’ ‘Half-done,’ answered the cat. ‘Half-done! What are you saying? I never heard the name in my life, I’ll wager anything it is not in the calendar!’
The cat’s mouth soon began to water for some more licking. ‘All good things go in threes,’ said she, ‘I am asked to stand godmother again. The child is quite black, only it has white paws, but with that exception, it has not a single white hair on its whole body; this only happens once every few years, you will let me go, won’t you?’ ‘Top-off! Half-done!’ answered the mouse, ‘they are such odd names, they make me very thoughtful.’ ‘You sit at home,’ said the cat, ‘in your dark-grey fur coat and long tail, and are filled with fancies, that’s because you do not go out in the daytime.’ During the cat’s absence the mouse cleaned the house, and put it in order, but the greedy cat entirely emptied the pot of fat. ‘When everything is eaten up one has some peace,’ said she to herself, and well filled and fat she did not return home till night. The mouse at once asked what name had been given to the third child. ‘It will not please you more than the others,’ said the cat. ‘He is called All-gone.’ ‘All-gone,’ cried the mouse ‘that is the most suspicious name of all! I have never seen it in print. All-gone; what can that mean?’ and she shook her head, curled herself up, and lay down to sleep.
From this time forth no one invited the cat to be godmother, but when the winter had come and there was no longer anything to be found outside, the mouse thought of their provision, and said: ‘Come, cat, we will go to our pot of fat which we have stored up for ourselves—we shall enjoy that.’ ‘Yes,’ answered the cat, ‘you will enjoy it as much as you would enjoy sticking that dainty tongue of yours out of the window.’ They set out on their way, but when they arrived, the pot of fat certainly was still in its place, but it was empty. ‘Alas!’ said the mouse, ‘now I see what has happened, now it comes to light! You a true friend! You have devoured all when you were standing godmother. First top off, then half-done, then—’ ‘Will you hold your tongue,’ cried the cat, ‘one word more, and I will eat you too.’ ‘All-gone’ was already on the poor mouse’s lips; scarcely had she spoken it before the cat sprang on her, seized her, and swallowed her down. Verily, that is the way of the world.
