L&B PARTNERSHIP ASSIGNMENT

L&B Partnership Assignment



L&B Partnership Assignment

Question 5

This real-life scenario is just one testament to the fact that L & B partnership formed without necessary forethought is likely to be doomed to failure. With the proper planning and consideration, though, a partnership can be an unequivocal success. It is the simplest and least expensive co-owned L & B arrangement. Additionally, businesses with multiple owners are more likely to survive longer than sole proprietorships. As with other business considerations, though, partnerships can be a good or bad thing depending on the parties and circumstances involved.

Some possible pros:

Shared cost of start-up.

Shared responsibilities and work.

Shared business risks and expenses.

Complementary skills and additional contacts of each partner can lead to the achievement of greater financial results together than would be possible apart.

Mutual support and motivation.

 

Some possible cons:

Partners in a general partnership are jointly and individually liable for the business activities of the other. If L & B's partner skips town, you'll be liable for all the debts, not just half of them.

Shared profits.

You do not have total control over the business. Decisions are shared, and differences of opinion can lead to disagreements, a "falling out," or even one partner buying out the other.

A friendship may not survive a partnership. Keep in mind John D. Rockefeller's famous words: "A friendship founded on business is a good deal better than a business founded on friendship."

Before entering into a partnership, L & B would be well served to first determine whether or not partners are cut out to be the "partner type;" and if so, to thoroughly investigate prospective business partners as well.

Question 6

The aim of this report is to explain the strategy of the L&B project to assure the internal and external quality of the project activities and results. It consists of two areas: Internal quality assurance (i.e. sound theoretical approach to study the topic and peer-review method of the deliverables) and external quality assurance.

Internal quality assurance

Internal quality assurance in the L&B project focuses on two factors; on the one hand, it is concerned about the sound theoretical approach to be taken to study the new emerging phenomenon of Teachers' collaboration networks. On the other hand, it focuses on the peer-reviewing of the deliverables to ensure that the project can maximise their benefits in terms of following clear and transparent processes, as well as delivering best possible results.

A sound theoretical approach

This part of the internal quality assurance focuses on the suitability of theoretical models, methodologies, result chaining and collaboration planned and implemented for the project by seeking external validation from the researchers and experts in the field.

Quality review of deliverables

An internal review process in put in place that is based on academic peer review practices. Prior to the submission of each deliverables, one of the project members will receive a draft of the deliverable with a clear table of contents, proposed structure and executive summary. A review template is used by the partner to review the deliverable.

External quality assurance

External quality assurance includes receiving feedback from external ...