An LLLP is an acronym that stands for “limited liability limited partnership” and is a modification of a general partnership or limited partnership that reduces liability for those in a partnership arrangement.  Under general partnerships, all partners share liability for the actions of other parts and employees that fulfill actions on behalf of the partnership.  This can cause a host of problems related to debts and potential damages that all partners would be responsible for.  Under an LLLP, this threat is eliminated and partners are only liable up to the extent of their contribution to the partnership.  In addition to the limiting of liability, which is already provided by an LLP, there is a hybrid arrangement of general partners and limited partners with the limited partners only liable for their contribution to the partnership.  General partners also receive limits on liability through an LLLP arrangement.

In a general partnership, liability for all parts of the company, including debts is shared by the partners.  Therefore, in the event of bankruptcy, all partners, even non founding partners are liable to have assets seized to pay debts.  Liability is a factor in a general partnership as all partners share liability for both their and the actions of the other partners.  Additionally, partners can also be held liable for the actions of employees.  Actions committed by the partner while performing a function for the partnership would hold all partners liable, regardless of their contribution or input on the event.

Under an LLLP arrangement, general partners enjoy limits on their liability whereas in other, similar arrangements, general partners would be faced with unlimited liability.  Further liability is at the discretion of the individual partners such as personal guarantees on company debts.  Limited liability prevents partnership assets from being imperiled in personal lawsuits or creditor decisions.

LLLPs are not available in every state and a business lawyer will be able to explain what must be done to register an LLLP.  Some states will require LLLPs to identify itself its name, such as Acme Pencil Supplies LLLP.  Twenty-one states allow for LLLPs and California will accept LLLPs formed out of state.  The twenty-one LLLP allowing states have differing procedures to form an LLLP with some allowing the outright formation of an LLLP and others requiring a conversion from an LLP to an LLLP.

A lawyer can serve a valuable function in LLLP formation by helping to create comprehensive agreements that determine the contributions and rights of each partner and provisions for the addition of new partners.  These provisions will determine the distribution of assets, shares and other property owned by the partnership.  For states such as California with special provisions for the acceptance and registration of LLLPs a lawyer will be necessary to ensure compliance in the LLLP agreements as well as to inform you of the relevant state taxes on LLLPs, in this case, $800 California state tax annually.

Property management is an aspect of real estate that deals with maintenance and other needs for property with the purpose of maximizing and preserving the value of the property.  The property may be managed by the property owner, tenant, or contracted property management company.

Real estate companies have the initial responsibility of property management with their interest in the property management is to maximize the value of the property to potential buyers.  After the duty of property management has passed to the buyer, the property owner and the tenant must agree to a level of property management duties.  This may range from full responsibility on the tenant or landlord or a hybridized agreement that has the landlord responsible for major repairs and other aspects of property management.

What are property management companies?

Property management companies act on behalf of a landlord and interact with the tenants of a property.  The property management company may collect rent, find tenants and contract for repairs.  In many situations, the property management company fulfills the role of the property owner in all cases, including disputes stemming from non-payment of rent, eviction and neighbor complaints.  Requirements for property management companies vary by state with some states requiring real estate licensing for property management companies.  This is to ensure that the property management companies are abreast of real estate law in the state and will abide by those laws when dealing with tenants.

There are a number of property management software available that can help property owners manage the expenses and rental income from properties.  Additional features in property management software include the ability to general rental documents, such as lease agreements and generate tax forms in compliance with state and local tax laws.  Popular developers of property management software include Quicken, MDansby and Advanced Management Systems.  Property management software can be online subscription based or Graphical User Interface based for use on personal computers for a flat fee.  Some programs have bulk pricing for use on multiple computers.  This will be useful for property management companies that wish to automate some of their systems.

Unlike property management, which is the management of a tangible investment, assets management is primarily the management of investment funds such as stocks, commodities and equity funds.  Asset management is broken up into fixed income, equity and alternative investments, which include hedge funds, and real estate investment.  Individuals that work within assets management may specialize in any of the previously mentioned categories, helping individuals invest and manage their assets wisely.  Assets management is measured against a benchmark, which denotes how well it is “performing” which is a measure of how well the investment returns are comparable to other similar assets under management.  The performance of assets is the best way to determine if the asset manager is investing your assets safely.

Project management is the organization of resources to meet a stated goal.  There are generally budgetary and monetary constraints on the projects that require skilled project management to avoid exceeding these restraints.  The mark of one that is experienced with project management is the ability to complete to project accurately within or even below the time and budget constraints.

In practical application, architecture and related fields such as construction require a great deal of project management.  These fields generally require teams of professionals to combine their expertise into a collaborative project.  The collaborative project is of course subject to time and budgetary constraints so whoever is tasked with project management in this initiative will be responsible for ensure that all members of the project are informed of their tasks and deadlines.  Such projects would not be possible without the use of project management tools.

Project management tools include a number of proven techniques and models for successful project managements.  One of the first developments in project management tools is the Program Evaluation Review Technique (PERT) which is a statistical tool developed by the US Navy.  The PERT project management tool was used to measure the progress of the development of weapons system.  The PERT project management tool was also used to plan events such as the 1968 Winter Olympic Games.

As with all project management tools the first step is determining the tasks to be completed as well as estimates of the time the phase of the project should require.  You will need to make optimistic, normal and pessimistic time estimates for the completion of each task.  The tasks are also arranged by predecessor tasks, denoting which tasks cannot be completed without the completion of a previous task.  Those using the PERT project management tool will need to calculate the expected time of completion using the following formula:

(Optimistic + (4)Normal + Pessimistic )  divided by 6

Let us say that task A can complete completed optimistically in 3 hours, normally in four hours and pessimistically in 6 hours, we can find the expected time of completion.

(3 + (4)4 + 6)/6

25/6

= The task should be completed in 4.16 hours

The next step is to create a Gantt chart with the time estimates.  The Gantt chart is a visual representation of the amount of time each task in the project and slack afforded by completing tasks ahead of time.  Tasks are shown from their start to expected completion date and arrows link predecessor tasks together.  It is important to identify a critical path, which is the string of tasks that will take the longest time to complete.  This is essential in the project management process to determining the ultimate length of the project.  There is no slack time on the critical path and this path needs to be completed in the shortest possible time.  There are computer programs that can help you plan a Gantt diagram, but these charts can be created easily by hand.

Not much has changed. Small business owners continue to remain apprehensive regarding their long-term success and the health of the overall market. A recent poll conducted by Wells Fargo and Gallup, which surveyed over 600 small business owners, revealed that entrepreneur’s in the United States remain hesitant and unconfident in their hopes of turning profits and succeeding in the long term.  

This outlook represents an unchanged attitude; small business owners remain as confident as they did at the end of the recession two years ago. 

The survey shows that business owner’s post-recession confidence peaked in the beginning months of this year. Although these surveys do not serve as an absolute measurable, they offer insight on how a business owner feels about their own company’s prospects and the macro economy in general. 

The poll revealed that small business owners’ cite credit problems and the inability to secure financing as the main impediments to success. 22% of small business owners cited taxes and government regulations as the most significant problem. 

A short sale is a real estate transaction where the proceeds from selling a home fall short of the outstanding debts secured by liens against the property. A short sale is undertaken by an investor and a homeowner who cannot meet their mortgage requirement. The investor purchases the home below the mortgage amount (at a discount) and assumes ownership of the house. In turn, the seller’s mortgage is regarded as “paid in full” with the lender. The bank or institution who holds the mortgage agrees to the short sale because it rids itself of future losses in the form of foreclosure penalties or auction fees; furthermore, the lender eliminates a toxic loan from its balance sheet.

This transaction—which results in the property owner’s inability to repay the liens’ full amounts—is undertaken by the lien holders, who agree to release the lien and accept less than the original amount owed on the debt. The unpaid balance owed to the creditors (entity who holds the lien) is known as a deficiency.

Short sale transactions; however, will not necessarily release the initial mortgage holder from their obligation to fulfill any deficiencies attached to the loans, unless specifically agreed on between the lender and the seller. The short sale transaction is used as an alternative to a foreclosure because it mitigates reoccurring or additional fees to both the borrower and creditor. That being said, the short sale does not come without negative externalities; a short sale will often result in a negative credit filing against the owner of the property.

A foreclosure is the process by which a mortgage lender terminates an existing mortgage through a court order or by an operation of law. Foreclosures occur after the borrower (individual who takes out the mortgage from a bank to purchase a home) fails to meet the payment obligations outlined in the loan agreement. 

Typically, a lender will offer a mortgage to a borrower, and in turn, the borrower—now homeowner—will pledge an asset (the attached house) to secure the loan. If the borrower defaults on payments, the bank or mortgage holder can repossess or foreclose on the property. That being said, if the borrower defaults, then repays the debt, courts of equity can grant the homeowner the equitable right of redemption. When a home is foreclosed it is either auctioned on the open market or re-sold by the coordinating bank and Real Estate Company. The previous owner, in the simplest of terms, loses all connection to the house. To make matters worse, a foreclosure is reflected on an individual’s credit report.

If you are facing an economic hardship and you own a home, you may be wondering what to do with your property. When analyzing the benefits and differences between a short sale v. foreclosure you must gauge the effects in relation to your taxes, your future and your credit score. 

Most homeowners agree that a short sale is far more desirable than a foreclosure. In a short sale, you have the final say regarding the sale price of your home (note: the bank must approve the offer). Furthermore, you avoid foreclosure, get to know the buyer and rid yourself of mortgage payments or future payments (some banks may require deficiency payments). 

The prospect of purchasing a new home following a short sale or foreclosure is difficult; negative effects on your credit rating will dissuade lenders from offering you a new mortgage. That being said, the ability to secure a new mortgage at a quicker rate is possible after a short sale. 

Purchasing a new home after you have foreclosed is arduous; the process of rebuilding your credit to the point where you are eligible for a new mortgage could take up to seven years. 

When analyzing a short sale v. foreclosure, understand that both processes necessitate the delivery of negative information on your credit profile. A short sale will affect your credit score, even if you do not miss any payments—a lender will report a “paid in full for less than agreed” or “settled for less” on your credit report, notifying potential lenders of your inability to meet a previous mortgage requirement. 

That being said, a foreclosure will impose a more drastic effect on your credit score. The drop in your rating will depend on the amount of payments missed; however, the average foreclosure diminishes an individual’s credit by approximately 130 points.

Due to legislation—specifically the mortgage debt relief bill—a short seller will not face any Federal tax consequences at the time of the sale. When you engage in a short sale, the amount owed minus the amount of the selling price is considered IRS income; however, the mortgage debt relief bill eliminated the federal tax burden from the transaction. That being said, you will still be subjected to your state’s local taxes. 

A foreclosure will fall under similar legislation; debt relief will be provided until 2012. However, you are susceptible to a 1099 by the bank after you have foreclosed on. Furthermore, you will be susceptible a local tax depending on your state’s tax code; hiring a tax accountant is strongly suggested if you have foreclosed on your home.

What is Product Management?

Product management refers to the organizational lifecycle within a business entity’s model, dealing primarily with the forecasting, planning and/or marketing of a product at all points of the product’s lifecycle. 

Product management consists of fundamental procedures attached to the sale of an entity’s good, including product development and product marketing. The objective of product management is to maximize the entity’s market share, profit margins and sales revenues. 

The individual responsible for implementing the processes attached to product management is known as the product manager. This individual is responsible for assessing the market’s conditions and subsequently defining the appropriate functions and features of the entity’s product. In general, the role of the product management process will span a number of activities from tactical to strategic and will vary based on the organizational structure of the business entity. Furthermore, product management can be a function on its own or as a member of a broader marketing or engineering platform. 

Although the process is involved with the product’s lifecycle, product management’s fundamental focus will emphasize innovating new products. This characteristic of product management is affirmed by the practice’s grander association (the Product Development and Management Association) which states, superior and differentiated new products—those that deliver unique benefits and additional value to the consumer base—is the primary force that drives product success and profitability. 

Because of this statement, one can infer that product management has two fundamental focuses: the development of the product and the subsequent marketing efforts employed by the underlying business entity. 

Depending on the history and size of the corporation or company, product management will offer a variety of benefits and assume an assortment of roles. In some cases, a product manager will oversee all stages of the product management process; however, it is up to the discretion of the company to utilize a single employee or a team of managers. Regardless of the structure, a product manager will be evaluated based on a profit and loss metric. 

Product management will serve as an inter-disciplinary to effectively bridge gaps between teams of different functions or expertise within the entity. Most notably, product management will create a common goal between the commercially-oriented unit and the engineering-oriented unit of a company. 

A product manager will translate the product’s goals and objectives for marketing or sales into engineering requirements—this function creates a uniform understanding regarding the product’s specific goals. In contrast, this translation can be delivered to the Marketing and Sales teams, by elucidating the capabilities and limitations of the finished product. 

Conduct customer feedback

Launch new products

Human resources management refers to the management of a business entity’s employees. Although human resources management is referred to as a loose management skill, the effective practice of the application–within an organization–requires a specific focus to ensure that human capital can facilitate the achievement of an organization’s goals. For a business entity, efficient human resource management also contains a component of risk management which, at a minimum, ensures government or legislative compliance. 

Human resources management is a function within a business or organization that focuses on the management, recruitment of and providing direction to individuals who work in the underlying business or organization. Also known as workforce management, human resources management is the specific organizational function that inspects all issues related to employees such as performance management, hiring, compensation, safety, organization development, wellness, employee motivation, benefits, communication, training and administration. 

Furthermore, human resource management is a strategic and comprehensive approach to managing employees and the culture or environment of the workplace. An effective implementation of human resources or workplace management will enable an entity’s employees to contribute in a productive and effective manner to achieve the expressed goals and objectives of the said company. 

In general, human resources or workforce management will attempt to achieve the following goals:

• Human resources management aligns a company’s human resources department with their respective business strategy

• Human resources management will apply a team of administration experts to refurbish or organize the organization’s process

• Human resources or workforce management will listen and respond to concerns or issues raised by employees. When answered, these gripes or concerns are resolved, which in turn, yields greater efficiency. 

• Human resources or workforce management manages transformation and change; the application ensures the capacity for change.

Human resources or workforce management involves a number of steps. Together these processes aim to achieve the goals mentioned above. When agglomerated, this process can be performed in the entity’s HR department; however, some tasks associated with application can be outsourced or achieved by other departments or line-managers. When integrated, a human resources management application will provide a tangible economic benefit to the corporation or company. 

The following tasks or processes are instituted by a human resources management program or application:

• Recruitment (human resource applications or programs streamline the recruitment process for a business entity)

• Workforce planning

• Orientation, Induction and Onboarding (workforce management expedites the delivery of management training to integrate new employees to the business model in an efficient manner)

• Skills management (workforce management implements training procedures to quickly teach employees to perform in the most efficient manner)

• Time management (through the delivery of the aforementioned resources a business entity can effectively organize their employees and the productivity of the model)

• Payroll 

• Performance Appraisals (workforce management—through an evaluation-based software–will evaluate the effectiveness of an individual’s workday)

Operations management is concerned with designing and overseeing business operations in the production of services and/or goods. Operations management involves the responsibility of solidifying that a business’s operations are effective in regards to the efficient use of resources and satisfying customer requirements or concerns. 

Operations management is concerned with managing the processes that convert inputs into outputs—it is the evaluation that evaluates the use of labor, energy and an entity’s materials into tangible goods, services or products. This relationship is the crux of an entity’s efficiency; the ability to produce outputs in the most cost and resource-effective manner is the desirable approach for any business entity. 

The United States Department of Education defines operations management as a field concerned with directing and managing the physical and technical functions of a business model, including those relating to production, manufacturing and development of the underlying service or product. 

Operations programs will inherently include details concerning the principles of general management, production systems, plant management, equipment maintenance, manufacturing, industrial labor relations, skilled trades supervision, systems analysis, cost control, production control and materials planning. That being said, these variables will be applied (or withheld) to different degrees depending on the underlying business and the product or service they offer/manufacturer.

Operations management is applied by an entity’s team of corporate officer; high-level executives shape the strategy concerning the use of resources and production of the entity’s product or service. This process, which is perpetually revised by the entity’s high-ranking executives, is carried out and supported by the entity’s line officers. In a business model, the boundaries between these officers are not always transparent—tactical information will mold strategy and the individual’s role in the model will vacillate or change over time. 

Operations management evaluates the management of resources (including human capital) and activities that deliver or produce the services and goods of any business entity. An operation management professional will thus, manage people, equipment, materials and information that a business entity needs to produce and deliver its said goods and services. Furthermore, an operation management professional will design and subsequently manage the business model, activities and process that tangible produce or provide the goods and services. 

Operations management is a fundamental element of an entity’s everyday business; as a result, an operations management professional is a critical resource to bolster efficiency and productivity. An operations management professional will hold a variety of job titles, including production planner, materials manager, scheduler, transportation manager, purchasing manager, quality manager, supply chain manager and/or inventory manager. However, an operations manager—regardless of title—will implement uniform concepts and techniques to manage the resources of their business’s operations. 

Sales management refers to a business practice, strictly focused on the application of sales techniques and the management of a business entity’s sales operations. Sales management is a fundamental business function; net sales through the implementation of sales management—and more specifically the sales of products—results in profit, which of course, drives a commercial business’ operation. As a result of this basic necessity, sales management techniques will typically label the precise performance indicators and goals of a business or entity. 

Sales management is typically instituted by a sales manager—the title of an individual whose role is to practice or implement sales management. This role typically involves managing human resources, sales planning, the control of resources and talent development leadership.

Lead management is a term related to sales management; is a broad business practice used to describe the systems, methodologies and practices implemented to generate new business clients/customers, specifically attracted by the entity’s marketing strategy. 

A lead management application will facilitate a company’s connection between its outgoing advertising and the client’s or customer’s response to that advertising. This process is designed for business-to-business marketing and direct-to-consumer advertising strategies. Lead management, in many ways, is the precursor to sales management; the connection rendered by lead management facilitates the company’s profitability through the attainment of new customers, the establishment of a market brand and selling to the existing customer base. 

A business entity will typically employ the following lead management process:

1. The business entity will engage in a variety of advertising techniques to generate leads/potential clients

2. The recipients of the advertising efforts respond, effectively creating a lead or customer inquiry

3. The individuals who respond to the advertisers offer their information—this stage of lead management is referred to as “inquiry capture”

4. The captured information is then screened and filtered to determine validity 

5. The filtered information is then graded and prioritized for further inspecting/advertising

6. These leads are then delivered to the marketing and sales team—this stage of lead management is referred to as lead distribution

7. The sales team then contacts the leads to prospect them

8. All contacted and un-contacted leads are entered into a database; the leads are then either automatically or personally contacted to deliver a sales pitch.

9. The end result is—hopefully—a business sale. 

Sales planning is the basic strategy that drives an entity’s sales management process. Sales planning will establish a profit-based sales target, forecast expected sales, and establish quotas for the implementing business model. Furthermore, sales planning will evaluate the company’s demand management and execute the plan constructed by the sales management team. 

A sales plan is a formal document that affirms the entity’s strategy; the sales plan outlines the entity’s resources, business targets and sales activities. The sales plan will typically follow the lead of strategic planning, market planning and the broader business plan instituted by the entity. The sales plan will focus specifically on how the entity’s goals can be achieved through the tangible sale of the model’s services and/or products.