Tim and Austin are business partners. They met in college. Tim studied history, and Austin did a BA in Culinary studies: Legal Issues in corporate entities, Management & Regulations Assignment, UCD, Ireland
|University||University College Dublin (UCD)|
|Subject||Legal Issues in corporate entities Management & Regulations|
Tim and Austin are business partners. They met in college. Tim studied history, and Austin did a BA in Culinary studies. Their partnership started in 2016. The business is a coffee and cake shop. The business developed as an idea which Tim had and when he told Austin about it, Austin said “Let’s do it!” Austin does all of the baking for the business, and Tim runs the shop dealing with day-to-day operations.
The firm has 2 part-time employees, Greg and Annette, each working 15 hours per week. Tim and Austin have never had a conversation or agreement about their roles and responsibilities within the business, as they each took on areas that “fit” with their natural talents and preferences. Both Tim and Austin contributed equally to the start-up costs of the business.
Tim is married to Peter, and Austin is hoping to marry his partner Anna next year. Peter is a successful heart surgeon and is very supportive of Tim’s business. However, he has no interest in getting involved on a practical level. Anna recently inherited a large amount of money when her mother passed away, and she has expressed an interest in becoming involved in the business, and possibly investing money in the business.
However, Anna is a very cautious person by nature and has expressed concerns about protecting her investment, if she did invest in the business. Anna is a qualified bookkeeper and hopes to qualify as an accountant in the future.
In the year ending December 2021, the firm declared a profit of €50,000. The partners are delighted at this achievement, particularly given the challenging environment created by the pandemic and the COVID-related restrictions.
Reflecting on the past 5 years, the partners have decided that it is time to consider all aspects of the business, and consider their possible path going forward in light of their successes today, their personal lives, and priorities.
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