Answer to Question 1
Compensation is best controlled when the factors that affect it are known and when standards and procedures drive how the process is managed. Managers must monitor employee performance, take corrective action to maintain standards, and know about compensation issues that impact cost as well as regulatory requirements.
Many operations have merit pay plans that offer incentives for employees. Factors used for these programs must be measurable and employees must know what they are. Merit pay factors typically include job performance, accomplishments, current pay rates, and employee contributions to business goals.
Answer to Question 2
The purpose of this question is to reinforce to students the differences between a general partnership and a limited partnership. Three fundamental differences between these two partnership types are:
1) Unlimited liability for debts for the general partner in a limited liability partnership
2) Limitations on liability for debts of limited partners in a limited liability partnership
3) Restrictions on limited partner's ability to influence operations in a limited liability partnership
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