Partnership and limited liability partnership in the United States Essay

Partnership and limited liability partnership in the United States - Essay Example Humans have since time immemorial been considered social beings making partnership between individuals a common concept. Partnerships can as well exist between businesses, interest based organizations, schools, governments allowing for their nature and structure to be varied. Under this type of arrangement, partners agree to share their profits and losses and this mutual understanding is what allows them to operate efficiently (Wood 21). People engaging in partnerships often have varied reasons for their union. Some partner with others in order to increase their likelihood of achieving their goals when the situation calls for1. Others may partner simply to pool resources together in order to be able to participate effectively in the business world. While profits may be the driving force for some, strategic positioning is a major underlying reason for the formation of partnerships especially amongst those who are actively engaged in the business world. And because each member brings a long their own set of reasons for forming the alliance, partnerships have been marred with special challenges and issues. It is because of the dynamic nature of partnerships that the concept of civil law was introduced in their formation (Smith 16). An agreement is a symbolic tool of understanding between partners in any engagement. These agreements define each individual's goals, the company's overall goal, roles and responsibilities of each partner, lines of authority and succession, how achievements and shortcomings are to be classified, and most important, how resources are to be shared within the company. And because of the detailed nature of these agreements, they are required to be written down on paper and appropriately signed by all members in the partnership. This is done for future reference and each party often advised to keep a copy of the agreement. Articles of partnership are often drawn by the partners who are members of the partnership in order to make the document legally enforceable by law. (Smith 17). The roles of partners are often quite defining as to the nature with which they interact with the organization. In a general partnership, all partners manage the business and are personally liable for any expenses that are incurred during the management of the business. In the United States, there have been established limited liability partnerships which have got different features as compared to other forms of partnership2. A limited liability partnership accords its owners limited personal liability which is suitable for use in professional groups like accountants and lawyers3. The nature of Limited Liability Partnership These partnerships are often preferred because one partner does not wish to be liable for the problems or mistakes made by other partners within the organization. This is often the case is malpractice claims that may prove detrimental to the company even if they are fully enforceable by law4. In the case of malpractice clai ms, LLP protects each partner from any costs or expenses arising from any malpractice lawsuits that may be leveled against one partner5. Overall, LLP's have similar advantages as those realized in limited partnerships. One can still take part in the management of the business in an active manner, without exposing themselves to personal liability for the decisions and actions undertaken by the other partners beyond the value of their investment in the arrangement.

UM&UC Family Health Clinic - Meeting Meaningful Use of Billing Research Paper

UM&UC Family Health Clinic - Meeting Meaningful Use of Billing Function EHR InfoSys - Research Paper Example This system helps to generates more customer satisfaction, reliability and safety towards the patients. EHR system also supports the automatic recording of charges and their claims in respect to patients. This also keeps appropriate records of medicines prescribed by physicians of the respective patients to avoid mistakes and confusion. EHR system also provides effective performance in the overall medical procedure of patients. Moreover, EHR system stores all requisite records from admission to discharge of the patients to make the process of organization smooth and effective. The day-to-day requirement of every necessities whether it would be their room charges, food, medicine, treatment and testing expenses are consistently recorded in these EHR systems. Hence it can be concluded that implementation of EHR system in health care industry will help to enhance medical care, safety and services to the patients in an effective manner. This will ultimately provide a competitive advantage and profit maximization for the health care industry (Health IT.gov, 2013; Carroll et al., 2012). Infosys Electronic Health Record System (EHR) is an architectural design, which must be implemented by UM & UC Family Health Clinic to improve the quality of care, safety and decisions regarding the financial management. EHR delivers comprehensive health care services through electronic devices, various tools of health management, referral management, scheduling and clinical messaging. Through the application of EHR healthcare organizations delivers extreme quality performance towards care and safety of patients. EHR will build transparency and accuracy in maintaining as well as storing of various medical records of patients. Due to the implementation of this system there will be less mix of data and the data will be stored in an organized manner. This will benefit the patients as well as the