Group items tagged

A partnership firm has been defined clearly in Section 4 of the act where a partnership has been said to be the relation between individuals who have consented to sharing the profits accrued from a business. In India, businesses have the great roles and partnership business has such position to build better opportunities for others as well as for it. See the factors that actually build up a partnership: 1. Partnership's quality 2. Number of partners required to form a firm 2. Contract between the partners 4. Advantages in partnership business 5. How to register partnership firm? 6. Process for getting the registration

The Partnership Act, 1932, details the laws and regulations pertaining to a partnership firm in India. It outlines the powers of the partners, their responsibilities and duties, and how they can deal with third parties. If you are planning to start a business and considering registering a partnership firm, then you are in the right place. In this article, we will talk about everything that you need to know regarding a partnership firm in India.

Starting a business is a journey filled with plans, decisions, and research. Right from finalizing the business idea to choosing the business entity, there are several options to choose from. Also, one of the most critical questions that you face while starting a new business is - How to select the correct business? The options include a sole proprietorship, partnership firm, limited liability partnership, company (public or private or one-person), etc. Further, with each option offering a unique set of pros and cons, decision-making is difficult. Hence, you must choose one that suits your business plan and helps grow your business with ease. In an earlier article, we spoke about factors that you need to consider before selecting a business entity with a focus on private limited companies. Today, we will talk about the pros and cons that each entity offers.

Millennium Core issues related to the case: * To establish a formal set up in the organisation and a productive relationship with Millennium's management team while maintaining its entrepreneurial vision and culture. * To bring Millennium back to profitability by moving it from its R&D roots to a more commercially-focused platform. * To regain credibility with the investment community. * To reallocate the resources of Millennium between its commercial and R&D platforms. * To optimize current commercial opportunities without jeopardizing future product development. * Informal review process and compensation system. * Lack of employees in commercial wing of Millennium. * Ignorance of competition faced by the company with regard to its products. * Failure due to marketing philosophy of Millennium. * Losses due to failure of some alliances. * Lack of competent employees at executive level mainly in R&D. Analysis of data for the root cause/s of the problem Millennium's organizational structure and processes had always been more informal than those of larger companies. It was organized around its people. Employees relied on informal committees and ad-hoc systems throughout the firm to help guide the business and coordinate operations. A lot of people resisted or resented the change in culture when Levin began to professionalize executive meetings when Millennium prepared to launch Velcade commercially and to restructure its business. There was Frustration among employees due to informal review process and biasness in terms of deciding over compensation policy. Over time some disadvantages of the alliances began to manifest themselves. Failure occurred in acquisition of CORE by Millennium. Huge cost incurred in restructuring process in 2003. Millennium fails to consider the competition Integrilin faced in the market. Marketing philosophy of Millennium that markets were won through good science and clinical data so products based on good data woul