The partnership company we have chosen is Ramesh&Loo firm, Ramesh&Loo is a law firm that set up in Kuala Lumpur and performs more than 10 years. The founders of Rameh&Loo are Mr Ramesh Sivakumar Ramaveloo and Mr Loo Kean Siew. After a few years, the firm has built an outstanding reputation for the highest level of service and excellent-quality work. The firm is still keep on growing and now to take challenge to learn, Ramesh&Loo law firm have prominently become the counsel of choice.
At Ramesh&Loo, the lawyers are performing law differently. They believe that the well performance can drive the law firm business, building a good relationship with guest and providing excellent service is the path to achieve their company goals. They are also the customer-oriented in their business way. Besides that, Ramesh&Loo law firm are dependable, responsive, affordable and high efficiency. They try their best to fulfill guest requirement with the sufficient of resources in order to meet the guest expectations.
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They have 2 different departments within Ramesh&Loo law firm; those are Litigation and Dispute Resolution Department and also the Real Estate Department. The job of Litigation and Dispute Resolution Department is to perform in every major field of commercial, criminal and civil litigation. Furthermore, the job of Real Estate Department is to leasing and managing of properties and development projects. They also acted in varieties transaction including hotels, cinemas and major commercial in Singapore.
The employees that set up the team at Ramesh&Loo are the experts with different talents and are close to the law while performing the highest standard of service. The lawyers in Ramesh&Loo have an outstanding academic records and high experience in business, academic and law. To generate the well performance, Ramesh&Loo recruit the lawyers and staff of the highest standards.
Definition of partnership
A partnership is the relationship include among two to twenty or more persons who join together to carry or establish a business. Each person contributes their money, property, skill and expectation to share losses and earn profit of the business. There have two type of partnership. There is general partner and limited partner. General partner is facing unlimited liability for the firm's debt. And limited partner is liable only up to amount invested. Partnership is easy to form. The minimum number of partners must be two, and the maximum number of partners can be 10 to 20 in all types of business. All the general partners have the authority to participate in the activities of the business. For limited partners, there have no right for them to involve in decision making. Each partner has a right to share the management of the business firm, except limited partners. Partnership is unlimited liability, the firm has no separate legal existence; the assets and property of the firm is insufficient meet the debt of the firm. The partnership has a limited life span of life.
Consideration before starting
Skills and knowledge:
Most of the partners always have poor understanding of their partnership aims and lost attention of individual skills and knowledge development. This leads them to have difficulties in maintaining their business lifetime. Partners must 1st know their standard of skills and knowledge, and then apply where it should be applied. They need to separate their job properly, planning and agreement must be made before that. Enhance partners' skills and knowledge overtime by attending classes or campaign for training.
Partners are important keys that can leads to success business by partnering a good partner. Business partner often clash in countless thing including financial goals, their leadership styles and many more. Partnering with close family members must be very careful because it might spoil the relationship when the partnership falls apart. When a decision is made, the best is create a partnership agreement with help from a lawyer so that no matter who your partner is, even with people with strong connections with you, they must obey the agreement once the agreement has being sign.
Always on Time
Marked to Standard
Partners should be able to share their future vision. Not only vision and goals are important, participation is also a key to create interdependence between each other. Meanwhile it will encourage the continued work of every partner. Collaboration brings together many shapes of interests which will leads to success in partnership.
In a business partnership, the entire partner must have a responsible attitude. All the profit earned must be shared among partners and the tax also must be paid. Both general partner and limited partner have to pay the income tax on their earning in the partnership profits, any losses in the business must be taken care properly and equally.
Particulars that need to concern
in a partnership
The process of how to maintain the relationship to obstruct a good partnership will need the trust and faith of the partners. A common desire to work together is not enough to construct a good partnership. An agreed partner vision may be together with distraction and might threatening the stability of the partnership. There are also conflict or disagreement needs to solve in a moral way. Some of the common agreed outcomes sometimes will cause the whole partnership relation to losing it trust and faith. Unclear goals will cause the other partner to think outside the circle and collapse the whole idea.
Action will be denied when a member lack of delegate authority. Different decision making process may lead to some argument. Fail to acknowledge the difficulties of changing the whole sector of partnership will kill the partnership. Lack of focus or even not planning in advance when some things will lead the partnership into conflict, severe loss of trust will cause the whole organization to collapse.
The misuse of specific language, tone, gestures will leads to big misunderstanding especially communicate with different races, culture or sometimes even religious of partner. Selecting a proper and standardize communication skills will help in solving all the problems of communication.
Diverse skills and expertise
In the partnership firm will provides a scope for association of person come from different area. Partners come from different areas so that mean they can management the business efficiently. One of the partners is Ramesh Sivakumar. Ramesh Sivakumar has been in practice for more than 10 years and had undertaken a broad spectrum of litigation cases in both civil and criminal law in the Subordinate Courts, High Court, Court of Appeal and the Federal Court of Malaysia. (Ramesh & Loo, 2010) Second partner, Loo Kean Siew has more than 10 years experience in property and conveyance transactions. He also has very wisely commercial in an outsides Malaysia with his professional skill. He also be the part become the vendors, purchaser and also developer. He also gives the opinion on the investigating problem like property rights of land ownership, security of creating, and potential of corporate and other. Besides that, Loo Kean Siew also give the monition on project financial and security transaction, expansion of industrial and other in Pan-Asian area. Third partner, Raymond Charled David is the double degree holder in Economics and Law. He very expert in lawsuit, he manages many cases like wide spectrum of disputes, criminal defense cases, commercial debates and other cases. (Ramesh & Loo, 2010) Raymond has been given service the private limited companies and public listed. Lastly, Ong Lee Kuan has very wisely of experience as a in-house legal counsel and practicing lawyer. She also can handles very well with many agreement like leases and tenancy agreement.
Teamwork & innovation
The partnership company give the chance lets the partner work together, so they can have the teamwork to help their co-partners, their customer to make their firm reach to successful. They believe that the best result when they present is when work collaboratively. In addition, when they work together they can learn from each other. They also innovation and dare to change to improve their firm and strength when serve their customers.
Integrity & A Commitment to Client Success
In their firm, they keep the highest integrity to their customers; they have the integrity action and communications. (Ramesh & Loo, 2010) They unfailing truthful to their client, this is because if they lose one time of the promise, they will lose the trust with their client. This can cause their firm become no value company and less people will find the company to help them. They advance the promise by offer much greater level of services to their customers.
Lack of lawyer in the firm
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There are only 4 lawyers in the company:
Ramesh Sivakumar Ramaveloo
Loo Kean Siew
Raymond Charled David
Ong Lee Kuan
The firm is lack of lawyer, so when it is an urgent case; the firm cannot provide the fast and efficient services to their customer. This may affect the credence of the firm will drop, so the image of the company will not well like other company. At additional, maybe some client did not get the best service they will fell the firm did not respect them, this also can will drop the image of firm. If the firm lack of lawyer, maybe they cannot solve the problem on the spot when the client find them, this maybe can cause the client unhappy and worry.
Lack of public recognition
The company does not advertise anything through any media like though the internet, television, newspaper and other way. So it's hard to let people know about it's exist. If the company is fell strange to social and anyone will do not know what business run by the company how the firm can get the business?? The company need have some advertising like have the page at the Facebook, always have some advertising on television or radio.
Lack of information of the services
The firm only provides some information of the service, there only got two of the information, one is litigation and dispute resolution department and another one is real estate department. Maybe the firm can add on some additional information or let the information more details so can let the people know more for the services.
Lack of lawyer in the firm is one of the weaknesses of the Ramesh&Loo firm. It is not only as simple as fur. Lack of lawyer will affect in the human resource mobilization. Besides that, it also can downgrade the firm reputation due to no enough lawyers to cope the customer. To prevent this, Ramesh&Loo firm might hire more lawyers, especially those who are graduate from the law school, they can be the new blood for the firm. These new bloods can be having a good chance to learn more knowledge about law through the guide of experience lawyer. Besides that, it is also a way to accumulate their experience. With the accumulation of experience, they will become an experienced lawyer, and by the way they grow up, their reputation will getting better and better, and this will also increase the reputation of the Ramesh&Loo firm. Once again, this problem is not only as simple as fur, it is worth for us to be solve it seriously because it might be affect the firm deeply.
Lack of public recognition is another weakness of the Ramesh&Loo firm. If the public recognition is bad, then it would be less customers, thus form the problem of no enough capital to operate the firm. There is a solution for lack of public recognition. Ramesh&Loo firm can use some of the capital to make advertise on the newspapers or any media, even on the internet. This action will result in the firm highly different than before, it is because through the mass media, public will have the chance to recognize Ramesh&Loo firm. After that, if someone has any legal problem, they might be going to Ramesh&Loo firm. By successfully help the customers, the customer will be feeling highly satisfaction about Ramesh&Loo firm. These highly satisfaction cannot be looking down by the firm, they will become the loyalty customer for the firm and they will spread about the firm's good for their friends automatically, it is the best mode of publicity for a firm. Though these, the firm business will have to reach another peak and the firm's reputation will continue growth.
Lack of information of the services is one of those weaknesses too. It can easily destroy a firm business through the way of the customer don't know how and what they need to do, this seriously problem also happen to Ramesh&Loo firm too. To solve it, Ramesh&Loo firm can develop one more department, which name consultative department. This department purpose to listen and provide information to customer about how and what they need to do. Besides that, another purpose for this department is to classify the customer into categories and allocate them to specific lawyer. It is because different lawyer have difference skills, so this classification will clearly state out that the customer is belongs to what legal problem. It will be help on the time consume of the lawyer and the lawyer might have an opinion on how to help the customer. Through this way, Ramesh&Loo firm will able to hold the customers and it will also make a change on totally decrease the rate of outflow of customer and increase the satisfaction of customer.
In a nutshell, we have learned a lot of knowledge and technic from this assignment by doing research for Ramesh&Loo law firm. The main knowledge that we learned are the consideration, processes, and even advantage and disadvantage of the partnership company.
After we done this assignment, even we identified that have some disadvantages contain in partnership but we realized that the advantages of partnership are more than disadvantages because it can help us to solve the main problem like getting more fund. Partnership is easier to acquire fund form the partner to set up the business and sharing the risk with them even though the company is facing trouble of funding. Thus, Ramesh&Loo is the potential partnership companies that growth successfully due to have enough capital. Ramesh&Loo firm having an advantage which is only need to pay the individual tax, it avoids the company to pay a huge amount of money for the corporate tax.
Ramesh&Loo firm provide the well teamwork to help the guests to achieve their goals and requirement successfully. It makes us to become the admirer of Ramesh&Loo and consider as our learning object while set up a business. Furthermore, I think the only problem that partnership should avoid is the argument between partners. If the argument occurs toward partner, it will bring a lot of bad effect for the company. So we should maintain a good relationship between the partners.
In conclusion, the partnership company is worth for us to set up and invest in order to get the profit.