According to RUPA “Property transferred to or otherwise acquired by a partnership is property of the partnership and not of the partners individually.” Also, property is considered “partnership property” if it is purchased in the name of the partnership or by one or more partners as long as there is an indication in the instrument transferring title to the property of the person’s capacity as a partner or of the existence of a partnership.
Overall, if property is purchased with partnership assets, it will be presumed to belong to the partnership and not the partners in common. However, property is considered separate from the partnership even if it’s used for partnership purposes when it is purchased by one or more partners without touching the business assets and it involves no indication of partnership capacity or of the existence of the partnership.
Additionally, partnership interest given to a prospective business associate is personal property that allows the new partner to share the partnership’s profits and a piece of the pie in regards to the net assets upon dissolution.
Creditors are not allowed to dig the funds out of the partnership if a partner owes them money. Creditors should deal directly with the individual partner instead of involving the partnership to satisfy their debts. However, there are two ways creditors could claim what’s owed to them (charging order and assignment).
With a charging order, a judge could order the other partners to pay the creditors any distribution due to the debtor partners. On the other hand, with the assignment, the debtor partners may assign some of their own personal partnership interests to the creditors such as profits and net assets.
Keep in mind that partnership property may not be either assigned by the debtor partners or seized by the creditors to satisfy the debtor partners debts, only the individual partner’s interest could be assigned instead. Also, assigning interest to a debtor or anyone else in a partnership does not make someone else a partner, it solely gives the third party the right to receive the partner’s share in partnership profits in case there is a distribution.
In most states, a partnership creditor can proceed against the individual assets of each partner only after the partnership’s assets prove to not be sufficient to cover the debts.
In most states, a Limited Partnership is basically governed by The Revised Uniform Limited Partnership Act (RULPA). This type of entity involves at least one general partner (GP) and one limited partner (LP). Some of the highlights of a Limited Partnership are:
-GPs have total control and centralized management
-Ability to transfer LP interests
-Pass-through taxation for partners
-Limited liability for limited partners
Unlike in a general partnership where no necessary filing might be required, a limited partnership requires you to file the necessary partnership documents at the Secretary of State’s Office. You’ll have to properly present a written limited partnership agreement and indicate your partnership status after the name of your business with the term “limited partnership”, or “L.P.”, “Ltd.”
As a limited partner, you’ll enjoy limited liability but will have no control over your investment. Alternatively, if you are a general partner, you can purchase limited partnership interests and have a little bit of both general and limited partnership.
In the following post, I’ll explain in detail when is it that a limited partner can lose his limited partnership status. In addition, I’ll cover the rights and responsibilities of the limited and general partners and how their profits and losses are properly allocated.
Here is Jim Turley, Chairman and CEO of Ernst & Young where he gives his perspective of our economic future.
Overall, Jim seems to be optimistic. He emphasizes the importance of rebuilding trust and the entrepreneurial spirit. Both of these are key elements of kicking back our economy into positive mode.
Values based leadership is also praised. In other words, less greed and more working together towards a common goal. Below I have listed the questions that were asked. For further details, watch the video for his answers.
1) What is your outlook for the global economy over the coming 5 years?
2) What ethical and moral concerns need to be addressed to avoid a greater backlash to market capitalism?
3) What are the key elements of the future shape of financial governance?
4) Will the environment lose out to the economy?
5) How can companies leverage the shifts in the global economy to create competitive advantages through innovation?
6) How can trust and confidence in the corporate sector be rebuilt in a post-crisis world and what roles does corporate global citizenship play?
7) What are the leadership qualities and personal values needed to take the helm today at the national, regional and global levels?
8) What projects and initiatives are you engaged in with the World Economic Forum, and what drove your choice to work with the Forum on those projects?
Sometimes before you start seeing some major results in your business you need to build online credibility. People need to trust you and like you to buy from you. Otherwise, making sales will be much more difficult.
Bottom line is that if you want to build any business that requires online presence, without credibility, this goal will be difficult. Everyone wants to be associated with recognized leaders. Leaders that will help them replicate their success.
Now imagine someone new to the Internet trying to portray himself as a leader. It has to be tough to make some sales, don’t you think? If this is your problem, don’t worry, you could easily build the credibility needed to take your business to the next level.
The first thing you might want to do is create a website or a blog. In my opinion if you are new it’s better coming up a website first since with this method you won’t have to update as frequently as you would otherwise with the blog. The website doesn’t have to be about business it could a personal website about yourself and your family. The trick is to start building that online persona as soon as possible.
After your website is up and running, check out as many marketing strategies as you can and stick to a few of them. For instance, if you are comfortable with videos but aren’t a good writer, start submitting four videos per week to YouTube as well as other video sites.
After a month of video syndication, pull yourself back and consider writing some articles and submitting them to Ezine Articles as well as other article directories out there. Stick to writing two articles per week for a month while now you only submit two videos per week instead of four.
Throughout your second month you’ll begin to feel more comfortable with videos and articles and you are including your website url in all your submissions. Before you know it you’ll start getting some traffic to your site and people are going to start associating themselves with you.
Begin your third month by opening a facebook and twitter account and adding new friends. Start interacting with others and provide useful information to help those who follow you. Do this for only about one hour per day for the first month.
Remember, by now you are using a website, videos, articles, facebook and twitter. Stick to the plan of writing two articles and submitting two videos per week as well as dealing with twitter and facebook.
During your fourth month, if you feel comfortable with the above mentioned strategies, it’s time to add a blog. Try to stick to writing at least once a week for your blog. Your blog could be an extension of your existing site. Again, it doesn’t have to be a business blog but it would help if you add content regarding your specific niche in order to stand out as a helpful source.
Start your fifth month by implementing paid per click to your marketing campaigns and other forms of advertising in addition to your current marketing strategies. You will be surprise to the amount of sales that you will make if you sick to this five month plan.
The rule of thumb is to take it slow and don’t overwhelm yourself with all the strategies out there. Instead see what works for you and plan a strategic course of action. Follow through and monitor and adjust your goals. If you feel you could work longer hours or have some nice budget to play with, you could turn this five month plan into a two or three, however you’ll need to work a bit harder for this and might want to consider outsourcing some of your work.
It will take time and effort from you to start seeing some results in your business. It’s also a great idea to set aside some time for personal development and training. You’ll need to learn as much as you can quickly in order to be able to provide helpful and valuable content.
There is new twitter software out there that literally takes a lot of the legitimate value that twitter has. Many people are using it and you should beware if you really care about your brand or how you are perceived by others.
Yes you might be tempted to automate your twitter application but sending your followers and others you don’t even follow random nonsense tweets doesn’t reflect positively on you. From a client’s perspective it’s not genuine.
Let’s put it this way, the software could randomly send over 100 messages to not only your followers but other twitter users as well. It even has the ability to send thousands of #followfriday messages. I thought #followfriday was about people recommending others their favorite tweeps. Nowadays, you can’t even trust that anymore. Good bye #followfriday…
The software could be found at www.tweep.net. I really don’t know much about it besides the fact that I get lots of silly messages from people that have no clue about who I am or what I do. People that only care about themselves and making money off twitter.
Instead of focusing on making money off twitter, try building relationships through your social networking sites and then leave the buying process up to others. Don’t try to spam people’s networks with nonsense messages or tweets in order to get attention and have them check out your link.
According to RUPA “Property transferred to or otherwise acquired by a partnership is property of the partnership and not of the partners individually.” Also, property is considered “partnership property” if it is purchased in the name of the partnership or by one or more partners as long as there is an indication in the instrument transferring title to the property of the person’s capacity as a partner or of the existence of a partnership.
