Agency And Partnerships

Outline: confidence and Partnerships | INTRODUCTION: TYPES OF FIRMS| | Sole Proprietorships Partnerships throttle Partnerships GP LP special(a) obligation Partnerships Limited liability Limited PartnershipsLimited liability Companies | * SP: A business in which champion person owns twain the assets, owes all the liabilities, and operates in his or her personal capacity * Partnerships: A alliance in which all checkmates participate fully in running the business and sh atomic number 18 equally in brighten profit and losses, even though the married persons monetary contributions may vary * Limited Partnerships * General Partner: Partners who control the business and be personally reasonable(predicate) for the partnership debts * Limited Partner: Persons who contribute working capital and sh be profits, but who ignorenot manage the business and are liable only for the amount of their contribution. * Limited Liabilit y Partnerships: a partnership in which a partner is not liable for a negligent act committed by other partner or by an employee not under the partners supervision * Limited Liability Limited Partnerships: A particular partnership where the general partners have the same protections against personal liability that general partners do in a LLP Possesses. * Limited Liability Companies: a company that is characterized by limited liability, management by members or managers, and limitations on ownership transfer. | | | AGENCY| | Agency specify| * Agency Defined: An agency is defined as a consensual relationship between two persons whereby the principal, upon whose behalf acts are to be performed, agrees to accept another person as a jural extension-an Agent. As a court-ordered extension the national agent can obtain legal rights and incur legal liabilities for the principal. * (1) Agent: The one with the power to act; the actor; i.e. palpable estate a gent * (2) Principal: The person on ! whos behalf the agent acts. Empowers/gives power to the agent; delegates authority, i.e....If you want to get a full essay, collection it on our website: OrderEssay.net

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