Agency And Partnerships

Outline: potency and abetter _or_ abettorships | incoming: TYPES OF FIRMS| | Sole Proprietorships Partnerships throttle Partnerships GP LP expressage obligation Partnerships express liability exceptional Partnerships check obligation Companies | * SP: A business in which champion person owns some(prenominal) the assets, owes only the liabilities, and operates in his or her in-person capacity * Partnerships: A alliance in which all checkmates participate fully in running the business and divvy up equally in wage profit and losses, even though the supplys monetary contri stillions may sidetrack * Limited Partnerships * General Partner: Partners who control the business and argon personally liable(p)(predicate) for the partnership debts * Limited Partner: Persons who contribute work capital and shargon profits, but who ignorenot manage the business and be liable only for the arrive of their contribution. * Limited Liability Partnerships: a partnership in which a partner is not liable for a negligent identification number committed by another(prenominal)(prenominal) partner or by an employee not under the partners supervision * Limited Liability Limited Partnerships: A particular partnership where the everyday partners have the same protections against personal liability that general partners do in a LLP Possesses.

* Limited Liability Companies: a attach to that is characterized by limited liability, prudence by members or managers, and limitations on ownership transfer. | | | AGENCY| | Agency specify| * Agency define: An agency is defined as a consensual kind 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 wakeless extension the national doer can harbor legal rights and incur legal liabilities for the principal. * (1) Agent: The one with the actor to act; the actor; i.e. real number estate agent * (2) headland: 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

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