Monthly Archives: November 2020

How to Create a Partnership Agreement

If you plan on going into bandar poker online business with a partner, a written partnership agreement is a crucial document to protect both of you. A partnership agreement spells out the rights and responsibilities of each business partner and helps you avoid future conflict. Without this document, minor misunderstandings can erupt into major disputes, which can be devastating to your business.

The business.com community often asks about the ins and outs of partnership agreements. We dug in to find out what you need to know to create your own agreement.

What is a partnership agreement?
If you are forming a business partnership, such as a limited partnership or limited liability partnership, it’s best practice to have a partnership agreement in place. A partnership agreement is a document that you and your partner(s) create to clearly lay out each partner’s duties and liabilities, the percentage of profits each is entitled to, and other aspects of creating a business together.

What is the importance of a partnership agreement?
Even if you’re going into business with a family member or close friend, a partnership agreement can help you avoid conflict or future legal difficulties. Common problems that arise in partnerships include the division of ownership, roles and responsibilities, and the division of assets in a termination of the partnership. A partnership agreement can protect you and your partners in all these areas, but it can also prevent minor misunderstandings from happening in the first place.

How to create a partnership agreement
Every state has its own laws concerning partnerships in the Uniform Partnership Act, also known as the Revised Uniform Partnership Act. Before you create a partnership agreement, make sure you and your partner(s) are familiar with your state’s laws, as the statutes defined under the UPA will control many aspects of your partnership, unless you determine different rules within a written agreement.

State laws regarding partnerships are designed to be broad and won’t necessarily apply to your needs and circumstances. Depending on your business, your state’s UPA may not be helpful for your specific situation. A partnership agreement, on the other hand, can and should be as specific and detailed as possible.

You Can Make a Digital Transformation Right Now. Here’s How

Even before the pandemic hit, Judi slot businesses knew it was time for digital transformation. But the shift wasn’t a high priority – plans were either nonexistent or slow and steady.

When the pandemic hit, however, employees were forced to jump into remote work immediately, and companies around the world were charged with transforming digitally in record time – whether they were prepared for it or not.

Now, businesses are figuring out how to move their dust-gathering digital transformation strategies into swift action to meet new demands brought about by this pandemic. In doing so, they must carefully think through how they can not only implement effective change now but also sustain the positive impacts of digital transformation for years to come.

The road to digital maturity is lined with hurdles
The challenges businesses will face today in making the digital shift will be the same that have been holding them back for years. According to McKinsey & Co., only 30% of businesses experience a successful digital transformation. Knowing that has kept many business leaders from getting started in the first place.

For companies that are undergoing a digital transformation, significant hurdles abound. Knowing about and preparing for these challenges beforehand, however, is one key to overcoming them as you move your business forward in the digital realm. The biggest challenge is that it takes years to reach digital maturity and sustain it, which means returns on your time and effort are far from immediate. The demands of the world amid COVID-19 necessitate that you transform now, but the changes you make might not show significant results for years.

One problem is that companies often spend too much time on the front end coming up with a plan and not enough time carrying it out. A recent report revealed many IT teams spend too much money building the foundation for digital transformations, costing companies $2.5 million annually.

Even after you implement your digital transformation, it’s not easy to maintain its positive impact. Many industries (including oil and gas, automotive, infrastructure, and pharmaceuticals) report a success rate of between 4% and 11%. The same McKinsey report also found that only 16% of surveyed businesses experienced long-term improved performance and sustained changes.