BSM 100 Lecture Notes - Lecture 4: Limited Liability Partnership, Limited Liability, Limited Partnership

• School: Ryerson University
• Department: Business Essentials
• Course: BSM 100
• Professor: Ranjita Singh

Document Summary

Solve a gap in the market: own firm/flexibility after some time. Self reliance; draw upon their own skills and networks (know what you want: the difference is attitude. Limited partnership at least one partner has limited liability. Limited liability partnership all partners are actively involved but they have some form of limited liability, which varies by jurisdiction (ex. Ideal partner: vision similarity, different skills (complementary, work for some time; initial relation building. Self similarity is ok but no echo chamber. Information broker: wide network not close network, knowledge/perspective/skills to understand idea and market, evaluate information. Starting from scratch: buying and stablished business, buying a franchise. Key pros it"s all you: concept, decisions, structure (cid:455)ou do(cid:374)"t ha(cid:448)e to deal (cid:449)ith the p(cid:396)io(cid:396) o(cid:449)(cid:374)e(cid:396)"s (cid:271)ad de(cid:272)isio(cid:374)s. Key pros concept, organizational structure, and operating practices are in place: established relationships, financing easier. Key pros less risk training and support: brand recognition access to funding.