A methodology for developing businesses and products that aims to shorten product development cycles and rapidly discover if a proposed business model is viable. It emphasizes continuous feedback loops with customers over long-term planning and development. The objective of this is to avoid the need for a bigger initial fund by building a minimum viable product (MVP) to test assumptions and gather insights early in the development process.
The group of debts and financial obligations for a firm, that result from its daily operations. They include utilities, loans, accounts payable, debts, payroll, and rent.
A Limited Liability Company, is a legal entity that distributes profits to its owners. Unlike a corporation, owners, referred to as members, are not personally liable for the company's debts.
In a limited partnership, the business is overseen by one or more general partners, who willingly take on personal responsibility for the partnership's debts and obligations. Additionally, the partnership is financed by limited or silent partners, referred to as "limited" partners, who are solely accountable for losses up to the extent of their investment.
