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Partnership Law: A General Overview for Professionals

A business partnership is a very special relationship. From the moment you team up with other likeminded business partners, your destinies are intertwined. Whether your enterprise flourishes or the partnership dissolves, the legal attributes of your partnership will play an important role.

Co-owners who share profits are partners by default

A partnership is defined legally as an association of two or more persons who operate as co-owners and share profits. To become a partner, an individual may make an investment of startup money, offer his or her services or both.

No written documentation is required to create a general partnership. If you are acting like partners (i.e., operating as co-owners and sharing profits), you are deemed to be part of a legal partnership. This is important because partners have certain legal rights and obligations. Of course, it is always recommended to have a written partnership agreement!

Partnership duties, rights and liabilities

In the absence of a written agreement, partners do not draw a salary and share profits and losses equally. Partners have a duty of loyalty to other partners. This duty means that, for example, partners must attend diligently to their responsibilities in the conduct of the business, and must not to enrich themselves at the expense of the partnership (for instance, a partner may not accept personal kickbacks for agreeing to a deal with a supplier at an inflated price). Partners also have a duty of accounting to the partnership, meaning they must be open and honest in disclosing business information to other partners.

Each partner also has rights, many of which derive from the right to see other partners live up to their duties. Unless the partners have agreed otherwise, each partner also has the right to participate in the day-to-day management of the business, and, importantly, to bind the firm in any act done in carrying on the business.

Since you are liable for the acts of a partner made in carrying on the business, it is imperative to choose your partners carefully, and, when necessary, to protect yourself to the extent possible through a written agreement or legal action. In a partnership, you are personally liable for business obligations; this means that if your partnership incurs debt or legal liability that the partnership cannot afford to pay, creditors are able to seek recompense by going after your personal assets.

Written partnership agreements

Even though no written agreement is required to establish a partnership, many partners choose to put a partnership agreement in place. A partnership agreement can modify the default partnership structure to better fit the needs of the individual business. Strong partnership documentation can help prevent disagreements and give the business a more well-defined direction.

A limited partnership is a special type of partnership that does require written documentation. In a limited partnership, limited partners invest money, but retain little or no control over the partnership’s operations. Unlike in a general partnership, limited partners cannot be held liable for debts incurred by the partnership.

Learn more from a partnership dispute attorney

If problems have arisen in your partnership, there are legal strategies that can help you resolve them. If you do not have a partnership agreement in place, or if your partnership agreement does not address the particular issues that have arisen in your partnership, it is especially important to get the help of an experienced partnership dispute lawyer. Talk to an attorney today to learn more.

Article provided by Brown & Charbonneau, LLP
Visit us at www.bc-llp.com

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Find various steps to get USDA Home Loans Laredo

Now, for USDA loan, you have to know the major process to avail the loan. We have guided you to have the loan amount easily.

There are two major steps to have loan from USDA lenders. You have to go through prequalification process, and then, undergo the preapproval procedure. Through these steps, you will be able to make out the chance of your eligibility for the loan. You may also identify your potential to buy the house. You can identify the issues, preventing you from having the loan.

Prequalification- First approach to get rural home loan-

Prequalification process enables you to get an estimate of the loan amount, affordable to you. The lenders also get the opportunity of assessing your present financial status to make a home deal. They may ask you various questions, related to the

Required amount of loan
Assets
Your monthly income
Monthly debts

The lenders also make questions on your credit scores.

What to face during the preapproval process-

At the step of preapproval, the lenders work on the documents, submitted by you. After getting the preapproval, you may make out the amount, affordable to you for the home deal. For this preapproval, the USDA lenders verify and check all the details of your documents. You have to submit the copies of

W-2 statements (2 years)
Bank statements
Government-issued ID
While you have received the preapproval, you may get ready to purchase the dream house and become its owner. However, preapproval does not always ensure you of the home loan. You have to fulfill some other underwriting requirements to get the fund as USDA loan.
Finding a house, approved by USDA-

You may need much time to search for the house at the right place. Some realty agents have knowledge on the USDA loan, and they may help you in finding the eligible house in the USA. The USDA guidelines have stated that the location of your property must be in the approved rural region. There are various other rules, related to the choice of property for USDA loan. You must choose the house as your primary residence. By fulfilling all these conditions, you will be able to have the loan from any of the reliable USDA lenders.

Signing an agreement for the deal-

After finding the right property, you have to start dealing with a lender to make a deal. At this time, you may also do the price negotiation with your property seller. The lender then orders an appraisal for USDA Home Loans Laredo. This appraisal makes sure that your property met the standards of USDA.

Underwriting and processing-

While you have made the agreement, the underwriter analyze your details and your documents to check out their accuracy. USDA loan underwriting procedure may take much long time than that of the conventional loans. After the lender has underwritten the file, USDA has to deal with it.

Closing the loan-

This is the last step of the overall process. While USDA and the creditors have signed off the loan document, you may get prepared to close the loan. At the time of closing, it is essential to sign all the important papers. This will help you in finalizing the loan. Invest the loan amount to have ownership of the house.

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5 Benefits of Using an Automated Leave Management System

Businesses are constantly evolving and the needs of the modern enterprises are very different and constantly evolving too. Today, most enterprises have offices in more than one location, and many times, even in different cities across the globe. In such a scenario, it can get increasingly challenging to manage the attendance and leaves of so many employees working from so many different locations. This is where an automated leave management system can save the day.

One of the biggest benefits of an automated leave system to an organization is its ability to bring all the employees of the organization to a single portal. This makes it easier for the HR department to be able to view their data and process payroll accurately and on time. Modern Human Resource Management Systems (HRMS) like Digital HRMS, BeehiveHR, and GreytHR offer leave management modules to help organizations manage their employees’ leave and attendance in an optimized way. Given below are some key benefits that organizations can expect from an automated leave system.

1] Boost in Productivity & Efficiency of the HR Department

One of the biggest advantages of using an automated leave system in an organization is that it eliminates the cumbersome and time-consuming task of keeping track of employee working hours and attendance manually. After all, who can deny that processing attendance of so many employees can take hours, even if several resources are working on it meticulously. Automating the entire thing leaves the HR resources with ample time for more productive work that involves planning and strategizing. Also, with automation, the task gets done faster than it can ever be possible manually, which leads to a boost in efficiency and productivity.

2] Increased Accuracy with Negligible Errors

Attendance data for every employee is important because it is used to process the payroll. Hence, it goes without saying that even a minor error in data entry can affect the salaries of an employees and lead to a decrease in employee morale. No matter how meticulously humans may work, such huge volumes of data do present a possibility of errors – something that can be completely eliminated with an automated leave system.

3] Quick and Seamless Leave Approval

Using a paper-based system to manage the leave and attendance of employees of an organization involves several steps which can take up a lot of time for approval of leaves. With an automated leave system in place, the process of leave approval becomes a lot easier as it eliminates the need for the employee to meet the manager and the HR to get the necessary approval. Employees are able to apply for leave on the leave management portal and the manager is notified for the same. So, even if the concerned persons are out of office, the leave approval process does not get hampered.

4] Increased Data Security

The new age automated leave management systems are built around highly secure architecture with the utmost focus on data security. So, organizations can rest assured that their sensitive data is safe from threats and attacks of all kinds. Not just that, automated leave systems also protect unauthorized access to information through the implementation of access control, which means the Admin has the option to define the access right for every individual employee. With seamless integration with biometric systems, these advanced platforms can prevent activities used for “time theft”, such as buddy punching.

5] Provision to Track Data in Real Time

With advanced automated leave systems, it becomes possible to easily track employee data in real time. Real time availability of information also ensures that there are no discrepancies in the payroll calculation. This functionality helps employees to get accurate information about their leaves whenever they wish to plan for leaves or wish to calculate the number of working hours they have completed in a week. Employees can also generate leave reports for a period of a few weeks to a few months to understand their leave history in the recent past.

Implementing an automated leave system can provide multiple benefits to an organization and also help to cut down costs significantly. It’s a win-win solution for both the employees as well as the employers as in addition to the benefits mentioned above, it also makes life easy for the employees.

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