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PARTNERSHIPS: THE EPIC!!!

ECONOMICS
MR. SCHEEL

General Partnership
Navigation: Business Law > Business Structures > General Partnership
Partnerships, like sole proprietorships, are also inexpensive to form. Forming a partnership requires an agreement, often
called a ?partnership agreement?, between two or more individuals or entities to jointly own and carry on a trade or a
business. In general, the partnership shares the same advantages and disadvantages as the sole proprietorship. However,
the partnership has an additional drawback. A partner can be held liable for the acts of the other partners, increasing
personal liability.

1977

Ben and Jerry move to Vermont and complete a $5 correspondence course in


ice cream-making from Penn State (they get a perfect score because the test
is open book).

1978

With a $12,000 investment ($4,000 of it borrowed), Ben and Jerry open their
Ben & Jerry’s Homemade ice cream scoop shop in a renovated gas station at
the corner of St. Paul and College Streets in downtown Burlington, Vermont,
on May 5.

Ben and Jerry hold their first free summer movie festival, projecting movies
on the outside wall of the old gas station in Burlington.

1999

New flavors: Ice cream: Triple Caramel Chunk™ , Bovinity Divinity™,


Pistachio Pistachio™. Low fat ice cream: Chocolate Comfort, Mocha Latte.
Frozen yogurt: Chocolate Heath® Bar Crunch, Chunky Monkey®. Also for
1999, because we just can’t help ourselves, we unleash a limited-edition ice
cream series of “Special Batches” throughout the year (Southern Pecan Pie,
Marble Mint Chunk, and Candy Bar Crunch).

To forever honor an uniquely American culinary treat as well as celebrate its


reintroduction as an uniquely Ben & Jerry’s frozen novelty, the company joins
with Merriam-Webster & Literacy Volunteers of America in a “linguistic
activism” campaign, urging the public to lobby Merriam-Webster Dictionary
decision-makers to include the word “S’mores” in future dictionary editions.
Internationally, Ben & Jerry’s begins distribution in Peru; B&J’s in the U.K.
launches the Flying Friesian, a raucous tour bus retrofitted for fun, with a
focus on fundraising for U.K. kids-in-need network, Childline.

April: Ben & Jerry’s marks its 21st Anniversary with a record-breaking Coast-
to-Coast Free Cone Day. Almost 200 Ben & Jerry’s Scoop Shops scoop more
than 550,000 free cones in what has become the company’s quintessential
customer ’thank-you’ celebration.

Ben & Jerry’s newest PartnerShop®: Lawson House (YMCA), in the heart of
Chicago, just off the Magnificent Mile’s Near-North End. A model for ending
the cycle of homelessness, the YMCA provides safe, affordable housing and
its Life Development Center offers services to enrich and improve lives. The
Lawson House PartnerShop is a training ground for participants in the YMCA’s
Career Keys and other YMCA job training programs which prepare individuals
for employment in the hospitality industry.

Published in September: results from a unique new Harris Interactive poll of


the public’s perceptions of corporate reputability. Developed at NYU’s Stern
School of Business, the “Reputation Quotient” is an assessment tool that
measures a company’s reputation in key areas such as social responsibility,
emotional appeal, and innovation. Of the Top 30 Most Reputable US
companies, Ben & Jerry’s ranks #5 overall, also earning a #1 ranking in the
“Social Responsibility” category.

Media impressions generated in 1999: over 390 million. Ben & Jerry’s
products continue to appear in popular movies and television shows;
primetime network comedy Everybody Loves Raymond even focuses an
entire episode around a visit to Vermont for a Ben & Jerry’s Factory Tour (one
scene featuring our favorite B&J’s jester hats -- our Scoop Shop employees’
headwear of choice).

Dec. 2, 1999 -- Ben & Jerry’s announces it has received indications of interest
to acquire the Company.

Net sales for 1999: $237,043,000, a 13.3% increase over 1998 sales. Net
income totals $3,385,000.

2000

Ben & Jerry’s launches an 8-flavor lineup of 2Twisted!™ ice creams -- creative
combinations of our most popular flavors deliciously amalgamorphed into
fabulous new flavors with uniquely 2Twisted names, like half-baked™ (a crazy
combo of Chocolate Fudge Brownie & Chocolate Chip Cookie Dough), From
Russia With Buzz™ (a wicked-wacky mix of White Russian™ & Coffee Coffee
Buzz Buzz Buzz™), and Jerry’s Jubilee™ (a classic jam of Cherry Garcia® &
Chocolate Fudge Brownie).
And for the rest of us, there’s Festivus™: folks addicted to the comedic flavor
of TV’s Seinfeld will love the way we crammed the gingerbread in this
Limited Batch of ice cream as sassy to eat during the holiday-season as
Seinfeld’s famous Festivus episode is to watch.

April 12: Ben & Jerry’s announces the company’s acquisition by Anglo-Dutch
corporation, Unilever. Ben & Jerry’s Board of Directors approve Unilever’s
offer of $326 million ($43.60 per share, for 8.4 million outstanding shares),
as well as a unique agreement enabling Ben & Jerry’s to join forces with
Unilever to create an even more dynamic, socially positive ice cream
business with a much more global reach. Under the terms of the agreement,
Ben & Jerry’s will operate separately from Unilever’s current U.S. ice cream
business, with an independent Board of Directors to provide leadership for
Ben & Jerry’s social mission & brand integrity.
Rather than expand internationally in willy-nilly fashion in 2000, we work on
strengthening existing markets (U.K., France, Benelux, Canada, Lebanon, &
Japan) instead, opening a total of 52 Ben & Jerry’s scoop shops in those
markets.

Additionally, B&J’s in the U.K. goes bonkers over conkers competitions,


worldwide toe-wrestling championships, & quite frankly some of the weirdest
(that’s a good thing) sponsorship opportunities we’ve ever encountered
anywhere... so far.

Ben & Jerry’s Stop & Taste the Ice Cream Tour criss-crossed the country all
summer long -- along with 2 hugely beeyootiful Ben & Jerry’s hot-air balloons
-- creating quite a stir by blowing into town & setting up “Urban Pastures” of
enticements cool enough to lift even the crabbiest city-dwellers’ spirits, then
wafting off & away at the breezes’ convenience. Sample-toting Joy Gangs
gave out over 380,000 scoops through planned and random acts of
“Stoppage,” while “Charity Scooper Bowls” raised over $100,000 for local
non-profits.

Ben & Jerry’s newest PartnerShop® opens in Minneapolis, MN. Our newest
partners: Metro Community Investment (MCI), a non-profit organization
dedicated to reducing poverty among youth & low-income folks by providing
economic development & employment opportunities.

November: The company appoints new CEO Yves Couette, to succeed


existing CEO Perry Odak. Couette’s 24 years at Unilever have helped shape
his extensive experience in all aspects of the ice cream business, as well as
experience in managing businesses that, although part of Unilever, set their
own course in their own way. (We especially liked the sound of that.)
Eating & Drinking Places

Net Income and Operating Expenses as % of Revenue - Partnerships

Restaurants & Other


Pubs & Other Drinking
Eating Places
Places

Revenue 100.0% 100.0%


Cost of Goods Sold 40.8% 37.6%
Salaries & Wages 18.6% 15.3%
Employee Benefits .4% .3%
Pension & Profit sharing 0% 0%
Rent 6.7% 8.1%
Taxes 3.1% 5.0%
Depreciation 3.4% 3.2%
Interest Expense 2.0% 1.5%
Repairs 1.5% 1.6%
Other expenses 22.4% 23.5%
Total expenses 98.9% 96.1%
Net Income 1.1% 3.9%
The above table represents recent data for all partnerships and most limited liability
companies (LLC's). Operating expenses do not include salaries to partners and
related costs including federal self-employment taxes, federal and state income
taxes, and benefits relating to partners such as health insurance and retirement plan
contributions. Due to the absence of partner attributed costs, partnerships reflect
lower cost structures than corporate operations. Operating expenses do not include
non-deductible costs such as life insurance, penalties, and certain entertainment
expenditures. The data does not distinguish between partnerships using a cash or
accrual method of accounting.
Eating & Drinking Places

Net Income and Operating Expenses as % of Revenue - Proprietorships

Restaurants & Other Pubs & Other Drinking


Eating Places Places

Total Revenue 100.0% 100.0%


Cost of Goods Sold 41.9% 41.1%
Advertising 2.0% 1.1%
Car & Truck Expenses .6% .7%
Commissions .1% 0%
Depreciation 2.5% 2.1%
Employee benefit programs .1% .1%
Insurance 1.3% 2.1%
Legal & Professional Services .6% .8%
Meals & Entertainment .1% 0%
Interest Expense 1.3% 2.0%
Office Expenses .2% .3%
Pension & profit-sharing plans 0% .4%
Rent on machinery & Equipment .8% .6%
Rent on other business property 6.3% 4.1%
Repairs 1.5% 2.0%
Salaries & Wages 16.5% 12.0%
Supplies 1.6% 2.8%
Taxes 4.3% 5.4%
Travel .1% .2%
Utilities 4.6% 5.4%
Other business expenses 4.5% 4.7%
Total expenses 90.9% 87.9%
Net Income to owner 9.1% 12.1%
The above table represents recent data for sole proprietorships reporting net income.
Expenses do not include owner's payroll and related costs including federal self-
employment taxes, federal and state income taxes, and owner's health insurance
and retirement plan contributions. Due to the absence of owner attributed costs,
proprietorships reflect lower cost structures than corporate operations. In addition,
non-deductible costs such as life insurance, penalties, and certain entertainment
expenditures are excluded. The data does not distinguish between proprietorships
using a cash or accrual method of accounting.

Other Retail Stores

Net Income and Operating Expenses as % of Revenue - Partnerships

Revenue 100.0%
Cost of Goods Sold 76.0%
Salaries & Wages 5.8%
Employee Benefits .3%
Pension & Profit sharing .1%
Rent 1.9%
Taxes 1.0%
Depreciation 1.0%
Interest Expense 1.1%
Repairs .4%
Other expenses 10.4%
Total expenses 98.0%
Net Income 2.0%
The above table represents recent data for all partnerships and most limited liability
companies (LLC's). Operating expenses do not include salaries to partners and
related costs including federal self-employment taxes, federal and state income
taxes, and benefits relating to partners such as health insurance and retirement plan
contributions. Due to the absence of partner attributed costs, partnerships reflect
lower cost structures than corporate operations. Operating expenses do not include
non-deductible costs such as life insurance, penalties, and certain entertainment
expenditures. The data does not distinguish between partnerships using a cash or
accrual method of accounting.

Other Retail Stores

Net Income and Operating Expenses as % of Revenue - Proprietorships

Total Revenue 100.0%


Cost of Goods Sold 57.6%
Advertising 1.2%
Car & Truck Expenses 2.0%
Commissions 1.0%
Depreciation 1.7%
Employee benefit programs .1%
Insurance 1.0%
Legal & Professional Services .4%
Meals & Entertainment .1%
Interest Expense .8%
Office Expenses .5%
Pension & profit-sharing plans 0%
Rent on machinery & Equipment .4%
Rent on other business property 3.8%
Repairs .6%
Salaries & Wages 5.9%
Supplies 1.3%
Taxes 1.7%
Travel .4%
Utilities 1.7%
Other business expenses 4.8%
Total expenses 87.0%
Net Income to owner 13.0%
The above table represents recent data for sole proprietorships reporting net
income. Expenses do not include owner's payroll and related costs including federal
self-employment taxes, federal and state income taxes, and owner's health
insurance and retirement plan contributions. Due to the absence of owner attributed
costs, proprietorships reflect lower cost structures than corporate operations. In
addition, non-deductible costs such as life insurance, penalties, and certain
entertainment expenditures are excluded. The data does not distinguish between
proprietorships using a cash or accrual method of accounting.

Ben & Jerry’s

Support the statement, “Ben & Jerry’s has become a very successful American partnership.”

Explain how Ben & Jerry’s has evolved into a franchised corporation.

General Partnerships Definition

Develop a chart that shows the differences between a partnership and a corporation
The charts!!!!

Develop line graphs that compare the following:

Eating and Drinking Places: Partnerships/Proprietorships

Retail Stores: Partnerships/Proprietorships