Agency And Partnerships

Outline: delegation and Partnerships | INTRODUCTION: TYPES OF FIRMS| | Sole Proprietorships Partnerships throttle Partnerships GP LP modified obligation Partnerships Limited liability Limited PartnershipsLimited liability Companies | * SP: A business in which champion person owns both(prenominal) the assets, owes all the liabilities, and operates in his or her ain capacity * Partnerships: A alliance in which all checkmates participate fully in running the business and sh be equally in shekels profit and losses, even though the checkmates monetary contributions may go * Limited Partnerships * General Partner: Partners who control the business and be personally conjectural(predicate) for the partnership debts * Limited Partner: Persons who contribute on the job(p) capital and share profits, but who ignorenot manage the business and are liable only for the amount of their contribution. * Limited Liability Partner ships: a partnership in which a partner is not liable for a negligent act committed by another(prenominal) 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, focusing 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 heavy extension the federal official 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. original estate agent * (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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