Home' Trinidad and Tobago Guardian : January 27th 2015 Contents B8
Guardian www.guardian.co.tt Tuesday, January 27, 2015
of Chaguanas is seeking experienced
Salesmen in the food industry.
Five (5) O Level Passes
A valid Heavy T license
At least two (2) years experience in
A valid police certificate of good
For additional information please
contact our office at:
Assistant General Manager
- Human Resources
Applicants are invited to fill an URGENT vacancy for this position with a client who is a leading
player in a large-scale organisation within the Financial Services Industry.
The incumbent will be a member of the Senior Management team and will have local and regional
strategic leadership responsibility for Human Resources activities/initiatives.
Duties And Responsibilities
Qualifications And Experience
Applications must be submitted electronically to:
Milmag Business Solutions Ltd
Deadline for submission of applications -- February 6th, 2015
Business relationships usually start off in a glow
of euphoria. The future seems limitless and opti-
mism abounds. However, as time passes, priorities
and interests may change.
Too often, business partnerships do not work out
as expected, and breaking up a business partnership
can be as difficult as a nasty divorce. Or not.
Partnership relationships have serious personal
liability risks. Under the law, partners are jointly and
severally liable for the actions and debts of the part-
nership. This means that you can be personally liable
for the actions of your partner.
So, if you are going to join forces with another
person or company, you want to do due diligence on
your "partner" and carefully structure your agreement
to reduce risks.
You should also consider setting up a legal entity
such as a LLC (Limited Liability Corporation) or
incorporate to limit your personal liability.
The possible reasons for a business "divorce" are
• Different values and work ethic;
• Disagreements about money
and decision making;
• Disagreement about the direction of the business;
• Desire to live in another climate;
• Changed circumstances such as death, disability,
divorce, insolvency, loss of professional license,
conviction of a crime; or
• Desire to pursue other interests or retirement.
If the foundation for a buyout or business closure
is put in place when everyone is calm and friendly,
an orderly transition is much more probable when
the time comes.
No matter how great your business relationship
is, however, it s inevitable that---at some point in
time---you will need to manage a transition of own-
ership. The absence of an agreement can lead to
costly litigation with an uncertain outcome.
Elements of an Agreement
The process of putting your agreement in writing
helps to build a stronger working relationship and
reduces the potential for conflict.
The process helps to clarify roles and expectations
about how money will be spent, decisions made,
and priorities set.
Many potential disputes or disagreements may be
resolved---in advance---by the process of putting the
agreement in writing.
The agreement is really an opportunity to agree
about how the business will operate.
It s also an opportunity for shareholders to protect
themselves and make sure that major decisions, such
as sale of the business, issuance of additional stock
and borrowing money, require more than majority
approval. The agreement can specify that
certain decisions require a specific percentage
of the partners approving, e.g. 51 per cent
(to avoid a 50/50 stalemate), 75 per cent,
Obviously, the number of voting partners
involved will impact the approval require-
Including provisions for dispute resolution
in your agreement is a smart move. Alter-
native Dispute Resolution ("ADR") runs
from informal and non-binding "mediation"
to binding "arbitration."
ADR is faster and less expensive than
going into court for resolution, and your
agreement can define the valuation method-
ology and buy-out process. In the absence
of an agreement, ADR can still be a cost-
effective way to resolve such disputes.
Take the time to put your agreement in
writing! The absence of such an agreement
can leave you with a nasty dispute, the res-
olution of which can be lengthy, costly and
liability risks. Under
the law, partners are
jointly and severally
liable for the actions
and debts of the
means that you can
be personally liable
for the actions of
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