business

Never Give UP !

Posted on Updated on

When you are inspired and passionate about something such as running your own business, there will be many positive and negative aspects of running your own business. You will get how much is that going to cost you, how much will you make and that is a waste of time.

Personally, I have had many of people tell me to just give the business up and don’t worry about going back to work, however,  sometimes, I feel like giving up and not bothering about it, but every time I have thought about giving up in some weird way the universe seems to send me clients, just like saying ” DO not give up on your dream of a successful business.”

Although I always say to myself this may be a small business for now it may eventually turn into a something much bigger  which for now enables me to maintain my office skills that I have studied learnt over many years.

Being an optimist, I feel that I need to have those skills in case something may happen to the main breadwinner, being my husband.

In this way I have skills I need to get back to any part-time/temp work in the future. But my hope is to make my business a full-time entity from home and be able to provide things for my children should anything adverse happen to my husband, so my main point in this blog is not to give up your dream of the running of your business even if you do constantly receive  negativity from those who are pessimist.

The other part I would also recommend is:

  • Write down what skills you have a piece of paper;
  • Do your research on whether the business would be viable;
  • What cost you would need to buy the equipment you may need and write what equipment you already have;
  • Is your business is going to be a hobby or full-time business;  and
  • What are the pros and cons of each set of skills that you will need to work from home.

 

Advertisements

Paid or Free Advertising Worth It !

Quote Posted on

Many have paid for advertising their business, is it worth paying to promote the business. As you may be aware I do own and operate a Virtual Assistant Business at first, I paid for advertising through many avenues but found out that it becomes costly and most of the profit was paid into them which left me nothing in the bank. I found out advertising for myself was the best thing do, I am also part of the Virtual Assistant group only something I do pay for, but most of the other advertising has become with advertising flyers, and the best one was many clients the had referred me to other possible clients due to exceptional work. You can advertise either by paid or free.
The places that I have used free are
  • supermarkets billboard,
  • Facebook
  • linked-in,
  • twitter,
  • flyers in letterboxes,
  • handed flyers to business in person and a couple of others.
Best advertisement I have found which has been very useful is word of mouth. Other places you may find handy are as follows:

 The conclusion is that if you have the money to spare, make sure you can afford to pay the fees for the paid advertising and if you are just starting out, the best way is to start doing free advertising until you can afford to get someone else to advertise for you. 

Thanks for reading my blog, please leave feedback or information you feel I should add to some of my blogs.

Business Law Partnerships

Posted on

Well I must love going through my old assignments as I just found another one that looks good. This time is all about Partnerships in a Business Scenario.

This case involves the law of business in Particular whether a Partnership exists and whether a Salaried Partner is liable to the creditors for the debts of other partners.

Partnership:

 A Partnership is defined as individuals carrying on a business in common to a view to profit.

Salaried Partner:

  They are promised definite salary to a certain amount. But in regards to law they are just advances of salaries in expectation of profit.

Well here we go the Scenario Scene:

Peter Toohet and Glen Stabb are partners in an Accounting partnership. They trade under the business name of Toohey and Stabb. In December 1985 they employ an employee accountant, Sandy Edwards. Sandy was paid $30 000 per year together with 5% of the net profits of the firm.

In December 1989 both Peter and Glen agreed to make Sandy a Salaried partner. She was now to receive 10% of the gross profits of the firm. Her name was to appear on the firm’s letterheads and she had agreed to this, she was introduced to all of their clients for the firm as a Partner. However, she took no part in the management of the firm. It was agreed that she would not be liable for any of the trading losses of the firm.

In January 1992 the firm opened a trust account in which it invested clients’ money. In March 1995 both Peter and Glen absconded with the firms trust account and left debts totalling $100 000. The creditors for the firm commenced legal proceedings against Sandy, claiming that as a partner in the firm she is jointly liable with Peter and Glen. The Creditors seek to recover $100 000 from Sandy as both Peter and Glen are in Tel Aviv, Israel, a country which has no extradition treaty with Australia. Advise:

Whether Sandy is a Partner as between Peter and Glen?

Well the conclusion for the first part of this is that  she was portrayed at first as a Salaried Partner, so under section 9 of the act she is just a salaried partner and not liable for the firms expenses etc.

 Whether Sandy is a partner between herself and the creditors?
Unfortunately Yes Sandy is a Partner towards the creditors, because she portrayed herself to be one under section 18 of the act.

Whether Sandy is jointly liable, with Peter and Glen for the $100 000 owed by the firm to the firm’s clients?

Unfortunately for Sandy it be difficult for her to claim to be less than a full partner, due to the fact she was held out to the firm’s clients that she is a partner of firms and she also had agreed upon her name to be on the firms letterheads, where it had come to a cost to her of the liability for the partnerships of Glen and Peter’s debts for her to be liable for the debts they have left her.

This has been supported by the case of Lynch v Stiff and Nationwide Building Society v Lewis.

So is Sandy liable in the conclusion unfortunately for Sandy she is liable for $100 000 owed by the firm to the firms Creditors.