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Advantages of partnership Essay

Partnerships are easy to establish since fundraising is easier with more than one owner. What is more, the business profits also flow directly to personal tax returns of the partners. Partnerships also attract employees when they are given the chance to become a partner as an incentive. Moreover, partnerships also benefit from complementary skills held by the partners (residual-rewards, business partnerships advantages and disadvantages).

Disadvantages of partnership

The business partners are accountable for the actions of each other, they have to share the profits and since they also have to share decisions, this could often lead to disagreements. Further still, some of the employee benefits can not be subtracted from the business income on tax returns. What is more the partnership ends if one partner withdraws or dies and this makes the life span of the business short (residual-rewards, business partnerships advantages and disadvantages).

Protectionism

Protectionism is an economic policy that aims at protecting domestic industries. This is implemented through the imposition of trade restrictions such as tariffs, subsidies, quotas and embargos, normally placed on goods imported by foreign competitors (21st Century challenges, what is protectionism)

Among the protectionist measures used include tariff, quota, subsidies and embargo. Tariff is a tax or a fee that

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is imposed on imported goods. Tariffs are normally collected by the government.  Quota is the limit set on the quantity of imports that can be allowed into a country during a specific time frame. Embargo is an order that prohibits the trade or movement of goods and services with other countries. Subsidies are financial assistance granted by the government to local industries to support their businesses against competitive imports and encourage exports (Suranovic, Trade policy tools).

Organizational structure

An organizational structure can be defined as the way used by an organization to organize or arrange its personnel and jobs in order to attain any set goals. The major elements that work hand in hand in order to determine an organization structure include department, sub-department, supplier, stakeholder, purpose as well as committee. All these are essential elements that need to be considered in the setting up of an organization structure (JIT mapping the organization structure).

Characteristics of the most effective boards of directors.

An effective board of directors is coupled with a number of characteristics which includes diversity. Here, the board members have different skills, interests, backgrounds and talents that aid equal representation of the community. As well, as a characteristic of an effective board of directors, a good structure also enables the members assume and commit to their roles thus enabling problem solving. Other characteristics include sensitivity and direction where the members represent different opinions and ensure that they give a good direction which can also be based on their decision making skills (NCHV Characteristics of effective boards).

Moreover, characteristics of an effective board of directors include their ability to obtain financial support for the entire organization, evident strength in achieving successful policy decisions and accomplishments. As well, a good characteristic also includes a sense of priorities that will in turn ensure all short and long term issues are considered important. Such issues may consist of getting involved in managerial efforts, training and meetings. In addition, demonstrating a sense of leadership, good planning and better understanding are also characteristics of an effective board of directors (NCHV Characteristics of effective boards).

Works Cited

JIT Software Limited. “Mapping the organization structure.” (2004). Accessed 28, March          2009 <http://www.jit-software.com/maporgstructure.asp>

NCHV.  “Characteristics of effective boards.”  Accessed 26, March from             <http://www.nchv.org/docs/Board%20of%20Directors%204.21.05.pdf.>

Residual-rewards.com. “Business partnerships advantages and disadvantages.” (2009)               Accessed 28March 2009

           < http://www.residual-rewards.com/business-partnerships.html>

 Suranovic Steven. “Trade policy tools. International trade theory and policy.”   (2009).             Accessed 28March 2009

            <http://internationalecon.com/Trade/Tch10/T10-0.php>

21st Century challenges. “What is protectionism?” RGS-IBG Geographical society                      and Institute of British Geographer. (2008). Accessed 28 March 2009        <http://www.21stcenturychallenges.org/60-seconds/what-is-protectionism/>

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