Here are some of the business-related blog posts and articles we’ve enjoyed lately – including an article featuring one of our fantastic partners! We hope you enjoy these, and let us know if there’s anything you’ve read lately that you found interesting!
It’s Canada 150, and we’re excited to announce our 150th education partner! EDAC (Economic Developers Association of Canada) is Canada’s national organization of economic developers. EDAC offers its members professional development, networking opportunities and a comprehensive offering of resources.
In addition, EDAC also offers the Certified Economic Developer designation, Ec.D., which signifies an economic development professional has the tools and experience necessary to analyze regional problems, provide advisory or consulting services to the public and private sectors, and plan development strategies.
At GoForth, we’re proud of each and every entrepreneur that has helped to make Canada successful, and our extensive network of partners are equally committed to helping Canadian small business succeed through education.
GoForth is excited to welcome Atlantic Association of CBDCs to our over 100-strong partnership network! With 41 locations, the Atlantic Association of CBDCs helps entrepreneurs create their small businesses, and assists in the expansion and modernization of businesses throughout the Atlantic Region.
At GoForth Institute, we’re proud to partner with nearly 100 great organizations across Canada that offer our training to their clients. Our comprehensive small business training offers fully Canadian content that’s customizable to the unique needs and market of each partner’s business environment.
In a partnership, two or more people combine resources to start a business. In a partnership, the law doesn’t distinguish between the business and its owners. Partnerships can be a little complicated, because there are three different types possible – general partnerships, limited partnerships, and joint ventures.
Let’s take a look at some of the perks and snags of choosing a partnership for your company’s form of organization.
Perks of small business partnerships
Relatively easy to form.
Relatively low start-up costs.
Simple to start and organize.
Partnership agreement has most legal issues covered.
Having more than one owner may allow more access to funds.
There may be possible tax advantages.
It may be easy to attract employees if they’re given the incentive to become a partner.
Ability to benefit from complementary skills of partners and a broader management base.
Snags of small business partnerships
Each partner may be responsible for the actions of another partner.
Profits must be shared with other partners.
Unlimited liability for General Partnerships (not separate by law, can be personally liable for all debts even if it means paying debts with personal assets).
Control and authority over important decisions is shared.
Difficulty in changing ownership.
Disagreements among partners may occur; may take a longer time to come to a decision.
Difficult to find suitable partners.
Some employee benefits are not deductible from business income on tax returns.
As a partnership, the company may have a limited life if a partner withdraws or dies.