DEFINITION of 'Project Management'. The planning and organization of an organization's resources in order to move a specific task, event or duty toward completion.Project management typically involves a one-time project rather than an ongoing activity, and resources managed include both human and financial capital. project manager will help define the goals and objectives of the project, determine when the various project components are to be completed and by whom, and create quality control checks to ensure that completed components meet a certain standard.
Guaranteed payments to partners are made to ensure that partners are compensated for specific contributions they make to a partnership, whether in the form of goods or services. Payments that are guaranteed to be made to a partner irrespective of whether the partnership makes a profit or not. Guaranteed payments to partners are made to ensure that partners are compensated for specific contributions they make to a partnership, whether in the form of goods or services.
The Internal Revenue Service classifies salary payments and other recurring payments as guaranteed payments, and it classifies profit-sharing payments as distributions. Because of the nature of guaranteed payments, the LLC receives tax advantages for all guaranteed payments it makes to members.