Memorialize Adventure and Business Agreements
MEMORIALIZE ADVENTURE AND BUSINESS AGREEMENTS
Last month’s discussion we explored individual passion and making a directed decision regarding our business vision. • What is our business? • What is our mission? • What resources are necessary? • What does an ordinary day look like and how do you want to see that improve? • Whom do we seek? • Why do we seek them and where are they? • How are our goals going to be met and are they of benefit? • What MOTIVATES me?
There comes a challenging point when the entrepreneurial adventure finds it’s necessary to have a map. A road-map that is based on the unique representations and desired features found on the path in business. When you add other people with skills and talents to bring value, longevity, wealth and health, you must set forth rules and guidelines. Having the proper business map becomes even more critical. In business, there are several types of rules and guidelines you can choose but the most common are the Corporation Bylaws and the Limited Liability Company Operating Agreement. Both are very different from each other. Both the Corporation and the LLC are a Collection of people for mutual protection and cooperation.
Map 1: Bylaws (Corporation) A set of rules agreed upon by the participants that outline the managing of the affairs and actions with a legal and lawful pursuit of gain, profit or service. The Bylaws authorize and utilize Resolutions Amendments and Minutes to generate and perform operations.
Map 2: Operating Agreement (Organization) Operating Agreements outline individual duties and actions based on their individual talents and skills towards a mutually desired goal. Generally a termination date is provided. Operating agreements are for a partnership of two or more which pass profit or loss to its managers and/or members. An operating agreement is a business venture contract between managers and members. Putting in writing the rules and responsibilities for each party to be held accountable builds trust in expectations and loyalty because each individual can work in good faith knowing that each is providing their effort and energy for a common and beneficial goal and the fruits of that labor can be shared among the adventure.
Actions: • Who are you in business with? • What talents, skills and resources are available to your business? • What is your aim; culturally, emotionally and physically? • Would a map help with direction and goal setting, is so which kind?
Damian Questiny is an entrepreneurial explorer and adventurer, which provides business and spiritual organization, education and guidance services for the achievement of optimal health and wealth in any community, industry or compassionate individual.
http://www.business360success.com
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Thank you for your interest on the topic. Cheers to your Success!
Damian