If you are planning on doing business in Korea, you’ll find that many aspects that are similar to doing business in other Asian countries such as Vietnam, China and Japan – and other aspects that are completely unique. One thing you’ll need however is a set of Korean business cards.
Korean business cards are printed on both sides, not just one. One side contains the information in English, while the other is printed in Korean. This is more than a courtesy; presenting such a card to your prospective Korean business partners demonstrates that you are the type of Westerner who has taken time to appreciate their culture and language, and are therefore serious about doing business.
When you first meet with your Korean business associates, you will want to greet them with a slight bow and a handshake. In Korea, a handshake is slightly different; it is customary to prop up your right forearm with your left hand.
Initially, you will want to address your Korean business associates by their title and family name; as is the case in Western countries, first names are usually not used until a relationship has been established.
Presenting Korean business cards is similar to the way it is done in Japan. It is considered proper and respectful to offer and accept Korean business cards with both hands. Once you have received a card from your Korean colleague, it is considered polite to read it and make a comment. Do not simply shove it into your pocket or pop it into a wallet; it is a good idea to invest in a case for your Korean business cards that you carry in the inside breast pocket of your jacket.
In addition to Korean business cards, you should have some office items that have your company’s logo on them to present as gifts. Gift exchanges have long been part of doing business in Korea, but the initial gifts should not be expensive, as this would obligate the other party to reciprocate in kind.
When presented with a gift by your Korean business associate, it is considered polite and in good taste respond with mild refusal the first two or three times before accepting.
Keep in mind that as is the case in China and Japan, relationships are more important than immediate profits. When you first present Korean business cards, you are presenting yourself – as are they. This first meeting is really about getting acquainted, and establishing a relationship can take several years. However, as Confucius – whose teachings have had a significant influence on Korean culture, once said, “The journey of a thousand miles begins with a single step.” Korean business cards represent that initial step.
By: Wayne Hemrick
Posts Tagged ‘Business Partners’
Korean Business Cards Are a Must
January 21st, 2010Business Partnerships – What Do They Involve?
October 29th, 2009
What is a Partnership?
A partnership can be defined as; two or more people or organisations carrying on a business together with a common goal of making a profit. It is an association of two or more persons carrying on a business as co-owners, with the objective of making a profit together.
Arises from an Agreement by Two or More Parties
It can be established by an oral agreement or written contract and is normally assumed to exist when there is a perceived intention (by the parties concerned) to be partners. A partnership is a common and simple method of structuring a business. It is inexpensive and does not have to comply with many regulations or laws, except those contained in the partnership agreement which binds the parties involved together.
A partnership involves co-owners who have agreed to work together in the business and the partnership has the intention of making and sharing the profits between the partners. If these criteria are met then you are operating a partnership. Different rules apply for other structures such as a sole trader or a company. A partnership can come into existence by the people concerned discussing it and agreeing to go into business together.
How Does a Partnership Work?
A partnership involves a contract between the partners to engage together in a business. They agree that the purpose is to make a profit and that the assets and value of the business, as well as responsibilities are shared by the partners.
A partnership is unlike a company, which is a legal entity in its own right. A partnership is not a separate entity (or legal person), even if there are many partners. You usually go into partnership because the growth of the business is such that more capital, expertise, or more people are required to cope with the growth of the business.
Some partners may contribute nothing at all except that their involvement in the business, yet they still have the full rights of a partner. A partner that contributes property or capital, but is not involved in the business (they do not provide any labour or skills on a day-to-day basis) is termed a “sleeping partner”.
The law under which partnerships are administered in the USA is the Partnership Act. This Act sets out the law regarding how partnerships are to be run and is applied where there is no written partnership agreement in place. A partnership agreement can replace most of the matters laid out in the Partnership Act.
4 Critical Elements in a Partnership
There are 4 important elements in any partnership.
These are:
Not a legal entity.
Unlike a company, the partnership is not recognised as a separate legal person (legal entity) as apart from its owners. In a partnership, as well as in a sole trader business structure, the owners of the business are the people who are the entities and liable for the business. Liabilities unlimited.
The partners in the business have unlimited liability as to the debts of the business. This is not the case with a limited liability company where the partner’s liability is limited to the amount that they have not paid up on their shares. While partners may set limits in their agreement, to which each partner is liable, in a legal sense every participating partner’s liability is unlimited. Partners can take part in every area.
In general, partners must consent to most decisions required in the management of the business. However, it is the partnership agreement that clearly outlines if there is a change to the legal position that all partners can take part in the management of a partnership business. Transfer of interest.
Partners cannot transfer their shares to anyone outside the partnership without the agreement of the other partners. The other partners may not wish to bring on the intended replacement, so they can veto the transfer of shares to anyone they are not happy with.
The Partnership Act is the Act which sets down the rules for partnerships which can only be varied by the partners drafting up a formal partnership agreement and including terms different from those set out in the Act. It is recommended that every partnership has a partnership agreement because of the specific needs of a particular partnership, which may not be covered suitably by the conditions and rules set out in the Act.
If the agreement is properly drafted, it can cover issues and set down how problems are to be resolved before they occur. This makes the partnership agreement an essential document in the business structure and makes the agreement a very valuable document in any partnership.
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By: Peter Viliamu
