Agency And Partnerships

Outline: position and Partnerships | INTRODUCTION: TYPES OF FIRMS| | Sole Proprietorships Partnerships throttle Partnerships GP LP throttle obligation Partnerships Limited liability Limited PartnershipsLimited obligation 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 clams profit and losses, even though the coadjutors monetary contributions may castrate * Limited Partnerships * General Partner: Partners who control the business and atomic number 18 personally credible(predicate) for the partnership debts * Limited Partner: Persons who contribute works capital and share profits, but who ignorenot manage the business and are liable only for the amount of their contribution. * Limited Liabi lity Partnerships: 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, worry by members or managers, and limitations on ownership transfer. | | | AGENCY| | Agency specify| * Agency Defined: An agency is defined as a consensual relationship b etween two persons whereby the principal, up! on whose behalf acts are to be performed, agrees to accept another person as a jural extension-an Agent. As a judicial 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. true(a) 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: BestEssayCheap.com

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