Business Organization Essay Example | Topics and Well Written Essays - 1250 words

Business Organization - Essay Example The choice of the organization for my consultancy after considering all the above factors is narrowed between Limited Liability Company and Limited Liability Partnership. To begin with my inclination is to start with LLP. I would discuss with all the interested classmates draft an agreement specifying at least the following points General Partners- Those classmates of mine who share my vision of providing consultancy to Non Profit organizations to help the start up their activities, raise necessary funds, staff them and set up their legal structure, marketing support etc. They would compliment me and we would divide work segments, each of us specializing in one or two areas so that there is no conflict of interest and the partnership flourishes as a result of team effort. They would also bring capital as agreed before commencing the business. They would also be jointly and severally liable for any legal suits brought against the partnership. Limited Partners- They are my friends who have full confidence in my project and are willing to back me up by providing the necessary funds for starting and running the business venture. They have already committed the funds as asked by me. None of them is interested in day to day running of the organization but still would like to have a say in the general direction, internal matters like admission or expulsion of other partner, agreeing on terms of partnership, etc, so they would be limited partners, their liability would be limited to their share in the partnership. General public would not be aware of their role in the partnership and we'll have to take care not to include their name in the name of the partnership or they will lose their limited privilege. As is obvious from the discussion above the funds needed for our organization would be financed mainly by the partners themselves in the form of their capital contribution. The general partners