| INTRODUCTION: TYPES OF FIRMS| |
Sole Proprietorships Partnerships throttle Partnerships GP LP Limited obligation Partnerships Limited liability Limited PartnershipsLimited Liability Companies | * SP: A business in which champion person owns both 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 share equally in net profit and losses, even though the partners monetary contributions may vary * Limited Partnerships * General Partner: Partners who control the business and are personally liable(predicate) for the partnership debts * Limited Partner: Persons who contribute working capital and share profits, but who ignorenot manage the business and are liable only for the amount of their contribution. * Limited Liability Partnerships: a partnership in which a partner is not liable for a negligent act committed by another 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 legal extension the federal 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. real 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
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