Scribd Logo
Upload

Welcome to Scribd!

  • 10 views

    John Adams and Company Business Plan

    Uploaded by

    Courtni Holder

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content

    You might also like

    John Adams and Company Business Plan

    Uploaded by

    Courtni Holder
    10 views80 pages

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    Download as pdf
    10 views80 pages

    John Adams and Company Business Plan

    Uploaded by

    Courtni Holder

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    Download as pdf
    of 80
    John Adams and Company “y Business Plan Firm, John Adams and Company 12.0 LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY: ASSIGNMENT #3 | 2 ‘Group #701, ‘TABLE OF CONTENTS (JOHN ADAMS & CO) Executive Summary. Mission Statement, Vision Statement. Philosophy. Objectives Company Summary. 6.1 Company Ownership... Goal 7.1 Short term Goals, 7.2 Long Term Goals. SWOT Analysis. Proposed Services. Management. 10.1 Management Summary. 10.2 Proposed Staff Listing, 103 Organisational Structure, 1044 Partner Profiles. Marketing. 11.1 Market Analysis Summary. 11.2 Market Potential 11.3 Market Segmentation. 11.4 Market Strategy ‘Human Resources Plan & Strategy. 12.1 Staff and Organisational Recruiting and Reneval.. 12.2 Employment Flexibility... 123 Performance Evaluation. 124 Continuous Learning. 12.5 Creating an Equitable and Diverse Workplace. LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY- ASSIGNMENT #3 | 3 Group #701 12.6 Creating a Safe and Supportive Workplace Culture. 48 Information Technology Strategic Phan... seed) 13.1 Current State of Technology. 49 13.2 The Technology Pian, 5 50 133 Action Plan, st 13.4 Technology Budget. 32 Exit Strategy/Contingeney Plan. : 32 14.1 Death of Partner. onsen 14.2 Voluntary Termination. 32 143 Indemnity Insurance and Back-up of Data, 14.4 Increase Staff Plan and Projection Appendix 2- Partnership Agreement Appendix 3- Evaluation of Associates. LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY- ASSIGNMENT #3, Group #701, 10 EXECUTIVE SUMMARY John Adams & Company was founded in 1964 by John C, Adams with the intention of providing quality corporate and commercial logal services. It is « Trinidad based law firm, designed to provide legal services locally, regionally and intemationally. It is a Partnership comprising of twelve attorneys at law, four of wham are partners, highly ‘qualified and experienced in their individual areas of law, four Senior Associates and fo Junior Associates Each partner at John Adams & Company each brings with him, or her, a vast wealth of experience and expertise in Conveyancing, Probate, Intellectual Property Law (Trade Mark, Industrial Design and Patents), Alternative Dispute Resolution, Corporate and Financial Services and Oil and Gas Law, Additionally, the uniqueness of their culture, ‘raining and passion to serve our clients exemplifies the philosophy of equity and service excellence, Before 2012, Intellectual Property, Oil and Gas Law and Altemative Dispute Resolution were nota part ofthe firms portfolio, However, recognising the growing need for these services, much investment and research was made into how these services ean be provide. John Adams & Company has a client base which includes major banks, tading companies, manuficturers, investment companies, insurance companies, real estate Mediation ‘This is the intervention into a dispute or negotiation of an acceptable, impartial and neutral third party who has no decision-making authority. The objective of this intervention is to assist the partes in voluntarily reaching an acceptable resolution of issues in dispute, The mediation process can be highly time intensive although its less time consuming and strenuous than going through the court system, LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY- ASSIGNMENT #3 | 2 ‘Group 703, > Binding arbitration This involves the presentation of @ dispute to an impartial or neutral individual (arbitrator) oF panet (arbitration panel) for issuance of a binding decision. A common understanding by the parties in all cases, however, is that they will be bound by the ‘opinion of the decision maker rather than simply be obligated to "consides” an opinion or recommendation. Under this method, the third party's decision generally has the force of law but does not set a legal precedent. John Adams and Company plans to have their attorneys trained in these areas, Corporate and Financial Services ‘The main demand for this area of service is by financial institutions and non-profit organizations such as: + Banks (including Offshore) + Credit Unions + Boards of Directors Insurance brokers and companies Investment/mutual fund companies ‘Shareholder of Regional and individual stock exchanges Companies attempting tobe listed on the various stock exchanges Established public companies “Trustee services Investors Represcntaions to our clientele would also inelude:~ Pre-complaint investigations and demands, as well as the defence of derivative actions in markets, ‘Advice on regulation requirements and License applications Incorporation of Businesses Securities litigation, corporate directors and officers liability litigation LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY: ASSIGNMENT #3 ‘Group #701, Structuring and negotiating complex debt financings, including both traditional revolving credit and term loan agreements and structured financing. Negotiating real estate development loans, including loan workouts, and conventional loan transactions. Negotiating acquisition financing for acquires and global debt refinancing by international enterprises, as well as more conventional working capital financing Asset securitization and structured finance, concentrating in the financing of different types of asses Securities advice to both individuals and businesses in connection with registered publics offerings, private placements, ongoing reporting and compliance matters such a5 Securities and Exchange Commission enforcement matters, securities litigation, insider trading and accountant liability under securities law. Oil and Gas Law Services Otter: 1, Production sharing contracts and licenses for upstream exploration and development including: advice on rights and obligations regarding local petroleum, advice on environment and tax legislation advice on title and possession ens wells Involvement in medium and large-scale infrastructure and resource projects ‘Advice on energy and resource related mergers ‘Advice on power generation, marketing and distribution Representation of service providers tothe energy sector. Quality Client Services In administering the services related tothe aforementioned areas of law, John Adams and (Company intends to implement various practices which would make our services a notch above the rest. Some of these stratepies include: |. Referee services for clients with discounts attached when the service requested in related tothe service they obtained at John Adams. 23 LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY- ASSIGNMENT #3 | 24 Group #701 Entrepreneurship Workshop for potential business overs Client advertising on Company's website inthe form of link access tothe client's website, Discounted fees for bulk registration of patents, LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY: ASSIGNMENT #3 | 25, Group #701, 10.0 MANAGEMENT. 10,1. MANAGEMENT SUMMARY By 2015, John Adams & Company Law Firm will operate with 1 Managing Pariner who will be responsible for the policy devisions of the firm and 4 Senior Partners. Each partner will be responsible for a department centred on their key areas of speciality, The partners willbe the main service providers with initially 4 Senior Associates and 4 Junior ‘Associates who will asist the partners in research and opinions. Additionally, the firm structure wll comprise of 5 legal seeretaries, 3 Jaw clerks, an accountant, an accounting assistan, an office manager and a receptionist. Fach of the aforementioned employees willbe given specific duties to Full inorder to atain an efficiently functioning law firm, 102 PROPOSED STAFF LISTING Management © Managing Partner ‘© Four (4) Senior Partners Professional Staff ‘+ Four (4) Senior Associates ‘© Four 4) Junior Associates Support Staff Support stafincludes:- ‘+ Five (5) legal secretaries 2 Thice () law elores + One (1) office manager ‘+ One (1) receptionist LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY- ASSIGNMENT #3 | 26 Group #701 Out Sourcing, ‘Central to John Adams & Co, isthe full utilization of modern technology for internal and extemal communication, The firm will out-source services relating to Information ‘Technology. Janitorial Services would also be subcontracted. 10.3 ORGANISATIONAL STRUCTURE, LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY- ASSIGNMENT #3 | 27 ‘Group #708 10.4 MANAGEMENT PROFILES JUSTIN UNDERWOOD, Justin Underwood was born in St. Vinoent and the Grenadines. He was called to the Bar in 1994 and has been practicing in Trinidad for the last fifteen years. He speaks fluent Spanish and French, Mr. Underwood leads the fitm’s Alternative Dispute Resolution team and has amassed a ‘wealth of experience in several areas within this spectrum since the start of his legal ‘career over 17 years ago. He has vast experience in all aspects of mediation and his knowledge and expertise inthis is unrivalled Mr. Underwood has made presentations to many of the firm’s corporate clients on the issue of Altemative Dispute Resolution. He isa highly respected member of the legal profession and approaches all of his endeavours with dedication, fervour and ‘concentration. He held the position as course Director in the Alternative Dispute Resolution Course at the Hugh Wooding Law School as well as Associate tutor in Alternative Dispute Resolution Programme at the Hugh Wooding Law School LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY- ASSIGNMENT #3 | 28 ‘Group #701, Qualifications ‘+. Bachelor of Lavs (First Class Honours), Univesity of the West Indies, + Legal Education Centfiate, Hugh Wooding Law School Masters in Alternative Dispute Resolution, Harvard University. Bachelor of Civil Law (BCL), Oxford University Areas Altemative Dispute Resolution Mediation Intellectual Property Law Law of Conveyancing Probate Law Contact Information ‘Tel: 868.640.2424 Ext, 12 Email: justinunderwood@johnadamslaw.com LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY. ASSIGNMENT #3 | 29 ‘Group #703 RI Jason Charles was born in Barbados and called to the Bar in 1996, but has been practicing in Trinidad for the past twelve years. After graduating, Mr. Charles worked at [LEX Caribbean in Barbados where he was attached tothe conveyancing department. He then moved to Trinidad. Mr. Charles leads the firm’s Corporate Team and has fifteen years experience as an Atonney at lav. He is a corporate Financial Executive with over 10 years of experience at the senior ‘management level. Currently, he is an Exceutive Director andthe Chief Financial Offices of the Neal & Massy Group of Companies, where he has established a solid record of ‘contributions leading to improved financial performance, enhanced internal controls and heightened productivity. He has diverse experience in all aspects of law relating to offshore finance, corporate and international trade law and is involved in the restructuring of Trinidad and Tobago’s banking laws and in the reformation of the Company Act of ‘Trinidad and Tobago. His involvement in such pursuits has resulted in an understanding of its complexities that is invaluable and an expertise which is respected by both the government and private sectors, Mr, Charles also held the post as the ‘Trinidad and Tobago representative tothe World Trade Organisation. LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY- ASSIGNMENT #3 | 30 Group #703, Qualifications Bachelor of Laws,( Hons), University of Cambridge. Legal Education Cenificate, (Hons) Hugh Wooding Law School Masters in Corporate and Commercial Law, University ofthe West Indies Masters in Finance and Accounting, Oxford University Masters in fternatianal Trade, University of Cambridge. Practice Areas Corporate Finance Intemational Trade Law Law of Conveyancing Probate Law Contact Information Tel: 868-640-2424 Ext 13, jasoncharles@johnadamslaw.com LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY- ASSIGNMENT #8 | 31 ‘Group #701 SSA SEEPERSAD, ‘Alyssa Seepersad was born in Trinidad and called to the Trinidad and TTobago Bar in 1990, She leads the Intellectual Property department of the firm and has acquired a vast knowledge in this area of expertise. She has specialised in copyright and trademark infingements throughout the region as well as having worked at one ofthe leading firms which deals extensively with Conveyancing and Probate matters. Ms. Seepersad has also published articles in “The Lawyee’ Magazine on various aspects of intellectual property rights as well as various articles for conveyancing journals. Ms. Seepersad is an established conveyancer and specializes in corporate commercial ‘work. She has experienced in mergers and acquisitions, complex real estate structures and developments, banking and finance, including cross-border transactions. She has done important work in the standardization of security documents for a premicr client. Ms. Seepersad has negotiated and drafted complex agreements involving the formation of strategie alliances for two major publicly traded companies in Trinidad and Tobago. She {is also fluent in Spanish and French and isthe fim’ ison for is foreign counterparts. Qualifications ‘+ Bachelor of Laws (Hons.), Univesity ofthe West Indies. ‘+ Legal Education Certificate, Hugh Wooding Law School. ‘© Masters in Business Administration, Oxford University ‘Masters in Intellectual Property Rights, Harvard University. LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY- ASSIGNMENT #3 | 32 ‘Group #701 ‘+ Masters in Altemative Dispute Resolution, University of the West Indies Practice Areas ‘Intellectual Property ‘© Alteative Dispute Resolution © Rsinens Administration © Conveyancing ‘© Comporate Finance Contact Information “Tel: 868-640-2424 Ext. 14 Email: alyssuseepersad@johaadamslaw.com LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY. ASSIGNMENT #3 | 33 Group #701, ONY. MAN [Anthony Peterman was bor in Jamaica and was ealled to the Bar in 1996, but has been practicing in Trinidad and Tobago forthe past thirteen years. He has worked with various reputable firms which deal with Probate and Conveyancing matters and has vast ‘experience in the areas of conveyancing and probate law. He has also published various articles for conveyancing journals Mr, Peterman is « member of the Council of the Law Association of Trinidad and ‘Tobago, a member ofthe Trinidad and Tobago Chamber of Industry and Commerce, and ‘a member ofthe Disciplinary Committe of the Law Association of Trinidad and Tobago. Qualifications ‘© Bachelor of Laws (First Class Honours), University of London, + Legal Education Certificate, Norman Manley Law School Jamaica, ‘© Masters in Business Administration, Uxford University. ‘© Masters in Alternative Dispute Resolution, University of the West Indies Practice Areas ‘© Alternative Dispute Resolution © Law of Conveyancing LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY- ASSIGNMENT #3 | 3 ‘Group H701 ‘© Probate Law Contact Information Tel: 868-640-2424 Ext, 15 Email: anthonypsterman@johnadamslaw.com LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY: ASSIGNMENT #3 | 35 ‘Group #708, In our efforts to expand the client base and resources of John Adams and Company we have sought to reetut a new partner by the end of 2012. As such we have contracted with Ms, Julia Chung. Ms, Chung is currently wrapping up matters at her present office before she joins the John Adams team, (A CHUNG \ A Julia Chung was born in Trinidad and was called tothe Trinidad and Tobago Bar in 1990 and since then, she has worked in the legal departments of both BPTT and BG. She is currently on the Board of Directors of NGC. She is the firm’s managing partner and heads the Oil and Gas Division of the firm, Mrs. Chung is also a member of the Law Association of Trinidad and Tobago. She speaks fluent Spanish and Japanese Qualifications ‘© Bachelor of Petroleum Engineering (Hons), University ofthe West Indies ‘© Bachelor of Laws (First Class Honours), Univesity of London, ‘Legal Education Certificate, Hugh Wooding Law School. Masters in Oil and Gas Lav, University ofthe West Indies Faecutive Masters in Business Administration, Arthur Lok Jack Graduate Schoo! of Business LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY’ ASSIGNMENT #3 | 36 ‘Group #701, Practice Areas © Oil and Gas Law Alternative Dispute Resolution © Business Administration Contact Information ‘Tel: 868-640-2424 Ext, 11 Email: julachung@johnadamslaw.com LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY. ASSIGNMENT #3 ‘Group #701 11.0 MARKETING LL MARKET ANALYSIS SUMMARY. In today’s technological and knowledge based workd we find challenging and ever- expanding marketplace for almost any product or service. Such is the case for the services provided by John Adams and Company. Through the worldwide reach of the Intemet, innovative and resoureefil companies can market their services around the world, literally. ‘Therefore we have sought to spread our client base regionally and ‘internationally. 112 MARKET POTENTIAL FOR SERVICES ‘To determine the viability ofthe diversification and development by the fim ofits legal portfolio the services of Caribbean Market Research Ltd, were retained. This company specialises in carrying out market research for firms seeking to ether offer new products or services in an existing market or to determine the scope of an emerging demand ot new market. The firm sought theit expertise to advise on the best direetion in which we should expand. The results of this survey have indicated that the following areas hold the most potential {or lucrative competition: + Intellectual Property Law ‘The fiem plans to develop its offerings in the area of corporate Iaw by moving into the ‘rsa of intelectual property, particularly industrial processes, patents and trademarks ‘This is a particularly important area of practice in Trinidad and Tobago which boasts ‘growing scienifie research and development sector. With the presence of the University of the West Indies, St, Augustine and companies specialising in product and process evelopment for the thriving oil and petroleum industy, the registration of patents and \" LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY. ASSIGNMENT #3 | 38 ‘Group #701, industrial design is rapidly increasing and consequently the demand for legal services and tudvice inthe area. Presently, there ere only six (6) firms in the country which offer services inthe area of patent registration and litigation as part oftheir portfolio including M. Hamel-Smith & Co, and Lex Caribbean, both highly reputable firms. This small numberof firms offering such services provides John Adams & Co, with the opportunity to not only create greater ‘competition in the sector but also the potential, given its strong marketing strategy, to build stable client base ‘Trademark law and registration is another area of intellectual property which has observed growing popularity inthe Trinidadian market, With the growth in the number of businesses plying their trade in various sectors and intensifying competition, many ‘businesses are realising the importance of safeguarding thei trade identity. Therefore the registration of trademarks has been on arise. John Adams & Co, must therefore move with this tide by becoming registered trademarks ‘agents who ean aet on the bebalf of its elients in this registration process. By offering competitive service charges and staying on trend with international standards and norms inthe area, the firm is sue to observe a growth in its cient base, © Oiland Gas With the growth in its hydrocarbon resource and, in particular, its natural gas reserves Trinidad and Tobago has become the most industrialised Caribbean nation. As of 2008 Foreign investment in the Energy Sector accounts for over 90% of the country’s export ccarings. “The country is well experienced in oil exploration, production, refining and other process plant type operations, for example, petrochemicals, Additionally, Trinidad and Tobago is the worlds largest exporter of ammonia and methanol, Therefore, a clear ease forthe LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY. ASSIGNMENT #3 Group #701 development of the firm's portfolio to inelude serviees in the area of oil and. gas law is made out. Its an area ripe for the offering of legal services, with many large foreign fms entering the local market, coupled with local entrepreneurs attempting to compete with these foreign entities. Though some of the larger oil and gas companies such as British Petroleum (BP) employ in-house counsel to deal with their egal matters, some of these large foreign entities, though possessing registered local offices, have not yet set up such, local inffastructure and therefore outsource much of their legal services to local attorneys with expertise in the area. (One way in which John Adams & Co. can increase its market potential in this aea is by employing a strategy comparable to that employed by firms such as Fitzwilliam Stone Furness- Smith and Morgan, which offers such foreign entities legal services in the registration of theit company as a local company, act as their local registered office as required under the Companies Act, and ultimately offer these companies legal services regarding their substantive business operations. Therefore, John Adams & Co. can act as 1 one-stop shop of sorts for these foreign businesses. Alternative Dispute Resolution Alternative Dispute Resolution (ADR) has potential to be & highly lucrative area of specialization for John Adams & Company. In today’s legal environment ADR has an increasing role to play because the advantages of using such methods outweigh any disadvantages for clients. Furthermore, with the onset of the CPR 1998 parties are encouraged to explore all avenues of settling their matter before they resort to litigation. Furthermore, in ight of relatively rovent family law legislation in Trinidad and Tobago mediation is a Key part of resolving family matters. The Courts therefore have jtisiction to order family member to attend mediation to resolve their issues before returning to cour. | LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY. ASSIGNMENT #3 | 40 Group #701 Tis frm recognizes thatthe costs of Itigation are extremely high and in this economic climate clients are looking for more efficient and cost effective ways to resolve disputes [ADR provides the answer to this problem as it is much less expensive. It is also constitutional to provide inexpensive alternatives to litigation as the rule of law calls for justice to be accessible and therefore affordable. ADR is particularly advantageous for commercial parties as proceedings are conducted in private, This ensures business matters are kept out of public scrutiny which prevents bad press from damaging the client's or company's reputation. “The firm envisions that the main competitors in this area will be M Hamet Smith and Co. tnd J.D, Seller and Co, both highly reputable local firms. However, the number of persons seeking these services will vastly inerease as the new CPR rules are more ‘staunchly applied by the courts, As such, there will be more than enough business to be shared, 113 MARKET SEGMENTATION ‘Our market segmentation scheme divides the market into two large groups: individuals with private claims/matters and Companies. Although these two groups can be farther categorized, this dichotomy generally represents our clientele, In this regard our estimates are that individuals represent % ofthe market while companies represent % of the market. Market Segmentation Pie LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY- ASSIGNMENT #3 | 41 Group #701 11.4 MARKET STRATEGY AND IMPLEMENTATION, Strategy Paras root Marketing | Strategy a Ped noe Process ere) Peery peering) Implementation ‘= Development of a firm website In this modern era of globalisation and multinational corporations, there has been & drastic growth in the number of persons doing business in foreign jurisdictions, Consequently, these persons requite legal advice and services regarding the procedures and obligations with which they must comply upon entering these foreign markets. Trinidad and Tobago, as a major producer and exporter of oil and natural gas, attracts ‘many ofthese large corporate clients who seek out and engage who they consider to be LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY. ASSIGNMENT #3 | 42 ‘Group #701, the most well-equipped firms to handle their business. As such, firms need to be as visible, accessible and responsive as possible to potential clients if they wish to be ‘competitive in the corporate field of practic. ‘This rationale is equally applicable to potential domestic elents who also demand ease of access to information about firms, their portfolios and the attorneys they employ in order ‘to:make an informed devision about where to take thei business. Therefore, the current trend has been that the majority of firms maintain websites on ‘which potential and current clients can access general information about the firm, its services and employees. Therefore, John Adams and Co. will be commissioning the development and ‘maintenance of a website during the second year of the mentioned period to expose the firm to a wider client base and give a snapshot ofthe firm's portfolio, ‘© Creation of Firm Business Cards [As with the listing of attomeys in the telephone book, there are some fomms of advertisement which, though old fashioned, are simply effective, One of the most effective means of advertising for any attomey is by wrd-of-word; having your name circulating in a positive light among potential clients. Therefore printing of business cards for the firm's professional staff under the John Adams & Co, letter is a good, effective means by which our attomeys can have their names and that of the firm circulating. © John Adams & Co, Scholarship John Adams and Company has now been in existence for over 40 years and has garnered reat success as result ofthe continued support of the corporate and civil community. AS such, its believed that the firm should give back to the community which has made John ‘Adams and Co, what it is today. Therefore the firm willbe offering two scholarships on ‘an annual basis to students entering the Hugh Wooding Law School, Attached to these LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY- ASSIGNMENT #3 Group #701 scholarships will be a guaranteed summer internship programme which will double as these students! mandated in-service training, ‘© John Adams Memorial Moot Court Competition {Also in keeping with the community minded goals ofthe firm, we are seeking to partner withthe Hugh Wooding Law School to develop an annual appellate mooting competition in the memory of the late patriarch. This will aim to promote the educational and ‘community focused nature ofthe firm, “The firm will sponsor the hosting and prizes for this competition as well as provide technical assistance ia the form of providing the mooting problem based on a critical or suadyg y>rosimg) ovoon'sts | ov-om'sis | oooo0'sis | — ovos ovos ovos a oad ovooo'oes | oorvor'acs | overs ovos ovos ovos aiysse100s oooos'sis | oo-om'sis | oo-0s'sis | oovos'tzs | oo-ood'ors ous | ssuedxo Sunoyaey oooooss | oo-v0r'9ss | oo-n00'9ss | oorvo0'rss | oo'o0o'rss | oovoo'rs | ssuodse Spenser ooo ‘ors cowoo'rs | oovesues | ooons'ses | ovvo0'ses | suodro ovoudera | woorszes | oovsics | oorsosiozs | ooro0s'sis | ooscr'sis | oo-000'cts | snmedxe sununos2y ooooo'ees | oo-o0ezs | oovseess | ooror'ses | ooooriss | oooo0'ses | 2suedxa aouesnsuy ssr'sexces | oscers'es | ovveross'es | ooosc'rsc'es | ooroo0'sso'zs | oo-vn0'seus soutes 9102 sue 107 e107 zz tox dnoss, xr yuauutssy -ASOjouL, ~ 2 Sununo2oy quswaBeueyy 2210 eT Law Office Management Accounting and Technology - Assignment #3 Group #702 Painer A '9250,000.00 | $746,493: Partner B C1310) | $35,A5472 Partner © BTCA OW.00 | $435,454.72 Partner D CR OOOD | SHBSASATE Partner E ($64,000.00) | $435,454.72 TOTAL CAPITAL — | $224,869.00 | $2,488,312.68, TOTAL LIABILITIES AND CAPITAL $594,600.00 | $3,206,700.00 ‘The above table is guided by the following: 1. Partnership Allocation is according to a 3:1.75:1,75:1.75:1.75 ratio. Law office Management Accounting and Technology - Assignment #3, Group #701 RATIO ANALYSIS OF JOHN ADAMS & COMPANY LIQUIDITY RATIO. + Working Capital = 2010 = $496,300 - $91,596 = $404,704 = 2011= $501,600 -$139,000= $362,600 Quick Assets Rati = 2010 = $348,500 + $115,000 = $.06 $91,596 = 2011 = $304,600 + $128,000= 3,11 $139,000 + Current Ratio = 2010 =$496,300= 54 $91,596 = 2011 =$501,600=3.6 139,000 $666,300 = 2011 =$139,000= 22%, $637,600 Law Office Management Accounting and Technology - Assignment #3, Group #701 PROFITABILITY 10 + Return of Total Assets = 2010= $569,000 = 86% $663,300 = 2011 $526,600= 3% $637,600 {AW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY- ASSIGNMENT #3 | 73 Group #701 APPENDIX 2 PARTNERSHIP AGREEMENT Lav Office Management Accounting and Technology - Assignment #3 Group #701 i SHIP, HEMI ‘This Parmership Agreement is made on the 14% day of March 2012 between JUSTIN UNDERWOOD, JASON CHARLES, ALYSSA SEEPERSAD, ANTHONY PETERMAN, sn JULIA CHUNG (he "parner) 1. Nameand Business ‘The parties hereby fom a partnership under the name of John Adams and ‘Company. The principal otic ofthe business shall be on No, 24 Peinbroke Stren the City of Port-of Spain, inthe Island of Trinidad, 2, Term ‘The parinership shall begin on the 15 day of March 2012 and shall eontinae unit terminate, 3. Capital The capital ofthe partnership shall be conrbuted in cash by the partners as follows 1. A separate capital account shal be maintained foreach partner. 2. No partner shall withdraw any part of his capital account, but shall only withdraw from his current account 3, Bach of the new partners shall contribute « minimum of $250,000 to the partnership which shall be added to any already existing capital of each parner. 4. Profitand Loss “The net profits of the partnership shall be divided equally between the partners and the net losses shall be borne equally by them. A separate curent account shall be maintained for each partner. Partnership profits and losses shall be charged or Credited to the current income account of each partner. Ifa partner has no credit falance in their current income account, lsses shall be charged to their capital account. 5, Salaries and Withdrawals ach ofthe partners shall (Receive a salary of $20,000.00 pet month for services rendered to the Fim and (ii) Be entitled to drawings of not more than $12,000.00 inthe first year ofthis agreement, with an inerease of 15% on this entitlement for each subsequent year unless otherwise agreed. viol Law office Management Accounting and Technology - Assignment #3 Group #701 6. Interest [No interest shall be pad on the inital contributions to the capital of the partnership or fon any subsequent contributions of capital Management Duties a Restrictions ‘There shall be a Managing Partner Who will be responsible forthe administration of | te fim. Partners shall have equal rights inthe management of the partnership, and each parner shall devote their entire time to the conduct ofthe business. Without the consent ofthe other pater, no partner shall on behalf ofthe partnership, borrow or lend money, of make, deliver, or aceept any commercial paper, or execute any mortgage, security agreement, bond, or lease, or purchase of contact to purchase, of sell or contract to sell ny property for or of the partnership other than the type of property bought and sod in the regular couse ofits business 8% Banking All funds of the partnership shall be deposited in such checking account or accounts as shall be designated by the partners. All withdrawals therefiom are to be made upon ‘cheques signed by a leas three ofthe partners 9. Books ‘The partnership books shall be maintained at the principal office of the partnership, and each partner shall at all times have access thereto, The books shall be kept on & fiscal year basis, and shal be closed and balanced at the end ofeach fiscal year. An uit shall be made as of the closing date 10. The partnership may be dissolved at any time by agreement of the partners, in w event the pariners shall proceed with reasonable promptness to liquidate the business of the partnership. The partnership name shall be sold with the other assets of the business. The assets ofthe partnership business shall be used and distributed in the following order: (@) to pay oF provide forthe payment ofall partnership liabilities and liquidating expenses and obligations (6) to equaise the income accounts of the partners; (6) tw discharge the balance ofthe income accounts ofthe partners (4) to equals the capital accounts of the partners; and (6) to discharge the balance ofthe capital accounts ofthe partners. Page 2of4 Law Office Management Accounting and Technology Assignment #3 Group #708 1. Death Upon the death of any partner, the surviving partner shall have the right ether to purchase the interes of the descendent inthe partnership or to terminate and liquidate the partnership business. Ifthe surviving partner elects to purchase the decedent's interest, he shall serve notice in writing of such election, within three months afer the death ofthe decedent, upon the executor or administrator ofthe decedent, o, iat the time of such election no legal representative has been appointed, upon any one of the known legal heirs ofthe decedent atthe last-known address of such hei (@) If the surviving partner elects to purchase the interest of the decedent in the partnership, the purchase pre shall be equal tothe decedent's capital account as at the date oftheir death plus the decedent's income account as atthe end ofthe prior fiseal yea, increased by their share of partnership profits or decreased by their share ‘of partnership losses forthe period from the beginning ofthe fiscal year in which their

    You might also like