ADM 1301 Lecture Notes - Lecture 2: Mci Inc., Socioeconomics, Chief Operating Officer
20 Jan 2015
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Document Summary
The workforce of today: aging population, shrinking labour pool, increasing diversity managers need to be culturally sensitive, outsourcing and the changing nature of work, flexibility and mobility, innovation through collaboration. Partnership: an arrangement whereby two or more persons combine some or all of their resources in a business undertaking with a view to sharing profits among partners: provincial laws require that partnership must legally register its name and give information about the partners, importance of a partnership agreement without one, everything is split equally and each partner is a general partner. Advantages: ease of organization, more financial resources (capital and credit, shared management, combined knowledge and skills, faster decision making, few regulatory controls. Disadvantages: unlimited liability, partners are responsible for the business activities of all others, division of profits, disagreements among partners, life of a partnership, jointly and severally liable: responsible for your own share and the share of other partners.
