A partnership is an agreement where different parties agree to cooperate to advance their mutual interests. The partners in Ang Mo Kio may be individuals, businesses, governments, and so on. It is a specific kind of legal relationship formed by agreement between two or more parties to carry on business.
A partnership in business is similar to personal partnerships. A successful business partnership requires not just short-term mutual interest but long-term compatibility.
Entering into a business partnership in Ang Mo Kio can be very exciting. You’ve found someone who shares your vision, works well with you, and has lots of great ideas. To create a partnership business, understand the why of your partner, seek commonality and shared vision, don’t rush the process, write things down.
Be clear on the value you bring to the table. Be honest about why you’re interested in creating a partnership. Understand why your partner is seeking to connect. Best partnerships work because the vision and values are shared as well as passion and enthusiasm. Seal all agreements in writing to avoid messy breakups in future. Contracts preserve relationship, not destroy them.
3 Surprising Ways Artificial Intelligence Can Push Marketing and Advertising to the Next Level
In this article we're going to discuss the tricky aspect of marketing strategy when applying for a patent.
Getting a patent is a tricky process under normal circumstances. Under laws of the United States a company or person is entitled to a patent unless the invention was on sale in the country for more than one year prior to the application date of the patent. This applies to both sales and offers of sales. Therefore, companies conducting marketing campaigns must be careful not to destroy their patent rights. In a perfect world, application for a patent should be filed before any sales begin. But then that would hurt the company's bottom line because that ultimately puts profits on hold. In a competitive marketplace this could spell disaster for the company.
Therefore, it is important for a company to understand just what it is that starts the one year clock ticking. In other words what can they do and what can't they do in order to avoid their product being put on the timer?
In order to answer that question we have to understand what exactly, according to law, starts the clock running. There are basically two conditions. The first one is that the invention must be ready for patenting at the time of the sale. If it can be shown that the inventor had sufficient drawings that would enable another person to use the invention then this would satisfy the first criteria.
The second criteria is that there has actually been an offer for sale. In other words, the inventor or company that owns the invention approaches another company and offers to sell them the invention. This can either be in the form of a letter to the other company or in an actual physical meeting between the two companies. Usually the meeting follows a letter.
In the form of a letter the owner of the invention will usually draw up a letter stating that they have such and such an invention and go on to say that they feel this is something that would enhance their business. In the letter they would describe what the invention does and how it would help them. They would then ask the other company to get back to them if interested.
When it comes to the meeting the inventor will bring drawings of his invention and present them to the company interested in acquiring the invention. Maybe the inventor even has a working prototype he can show them. This is always a plus. Companies actually like to see that the invention they are interested in works.
Where the law comes in, and this is where inventors can delay the clock, is that the following items do not fall within the two criteria. Solicitation of customer pricing information from distributors and sales representatives; publication of preliminary data sheets and promotional information on invention features; communications to sales representatives; sales representatives providing customers with preliminary data sheets; and sales representatives' requests for customer samples.
Therefore, an inventor can engage in any of the above activities and NOT start the one year clock running. This allows the inventor to get as much preliminary leg work done for his patent without actually "technically" starting the process.
This is important information for any inventor to have if he is trying to gain as much ground in his quest for a patent as possible.
With the support of our professional business network, you get the opportunity to exchange experience and knowledge at a top professional level, and to strengthen and develop your own skills within your management and specialist areas.
Legal structure of partnership will dictate many decisions as to how the business is run.
Main partnership types are:
- General Partnership: formed when all partners participate in business operations and take mutual responsibility for business’s debt. These offer very little protection for partners from liability.
- Limited Partnership: most often chosen when business partners in Ang Mo Kio are taking an uneven level of involvement in business.
- Limited Liability Partnership: is a structure that limits each individual’s personal financial responsibility.
What’s left unsaid or unplanned often leads to unmet expectations. Partners can clash over countless things.
First, ask yourself do you really need a business partner to build a successful business in Ang Mo Kio? Test the partnership out by tackling a small project together. Business partnership can end bitterly. Be especially careful when partnering with close friends or family members. Thoughtfully plan and prepare for every aspect of partnership in advance so there’s no question about how difficult situations will be handled. Create a partnership agreement with help from a lawyer and an accountant. Agreement should address compensation, roles and responsibilities, exit clauses. Outline your expectations for how you’ll operate your business.
Networking has always been considered a powerful tool for improving business prospects, advancing a career, and developing ideas. Other than some brief, structured events, networking has been mostly informal and inexpensive in comparison to cost they otherwise spend on different channels. But membership is growing in many formal, long-term networking groups, and so is the price tag.
The Benefits Of Artificial Intelligence In The Workplace
A set of facilities and distribution options that will help in procuring materials and transforming them into the semi finished and finished products and its distribution to the customers is known commonly as supply chain. In other words, it is a set of people drawn in fulfilling a customer request either directly or indirectly. The Supply Chain Management(SCM) is essential to perk up the trust and relationship between the partners. This will markedly improve the inventory profile and speed. The ultimate aim of opting for a good supply chain management is to improve the business to the maximum and gain as much profit as possible.
The most essential features are: Customer, planning, purchasing, inventory, production and transportation. A proper SCM will ensure the free movement of the goods, storage of materials, inventory and transportation of finished goods from the manufacturer to the consumer. It also includes proper coordination among the suppliers, go-between, third-parties and customers. In addition, it should provide various perspectives of SCM, and takes into account the trade challenges faced by the traders, merchants, retailers etc.
There are two options that a client has as far as the Supply Chain Software is concerned. While some companies use Enterprise Resource Planning solutions to deal with the supply chain issues, some companies do develop their own absolute or standalone software to deal with the issue. However, there are differences between the software and the Enterprise Resource Planning solutions. The SC software will help in the client requirement processing, buy order processing, supplier management sourcing, managing the inventory, and supplies receipt and storehouse management.
Further, the Supply software will increase your business profits by reducing the operational costs, develop customer service, help in expansion of business which in turn will bring in more revenues and ultimately the business will turn out to be leaders in supply chain. It is best to opt for SCM software to ensure that your companys strategic, tactical, and operational aspects are intact.
Addressing the issues upfront will help you better focus on your business later. Set expectations for a successful business partnership. Know your relationship with your business partner. Know your financial roles and viewpoints. Know your exit strategy. Agree on structuring your partnership.