Suzan Nieset
Professor Thomas Noto
LEG205 Corporate & Partnership Law
dreadful 12, 2012
My parentage associates and I are in a military strength where we need to create a new sort of business organization. We have researched the advantages and disadvantages of general and bound leagues, limited liability companies and corporations in preparation of our meeting to make a final termination with what form of business organization will best crusade or needs.
The role of agency in our business tie beam is still undetermined. The law of agency governs the relationship between principals, genes, and trio parties, and mandates agents acting in the best interest of the principal (the league form we will ultimately choose, i.e., the business). If the consensus is that a general partnership would be the best partnership form for our venture (and I cannot fathom an instance when that would be the case), then each of us would act as principals.
If we chose a limited partnership form of partnership, the general partner(s) would assume the role of principal with the possibility of limited partner(s) assuming the role of agent if they are tasked with and agreed to apply out some act for the partnership at the watchfulness of a general partner, or their actions lead a ternion party to believe they are an acting as an agent for general partner(s). A limited liability company, the members could be some(prenominal) principals and/or agents, depending on their role in the activity at hand. In a corporation, those acting in managerial and finale making roles for the corporation would be considered agents, the corporation itself as the principal.
The advantages of a general partnership include the ease of formation as no governing documents are required to be filed with local anaesthetic or state governing bodies, and no written promise is required by statute. We would require a clearly written partnership agreement addressing the rights and limits of each partner....If you want to get a full essay, order it on our website: Ordercustompaper.com
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