AYN456 BUSINESS AND CORPORATIONS LAW ASSIGNMENT 1 THE LEGAL CONCEPT OF AGENCY Part A INTRODUCTION The legal concept of agency plays an essential role under commercial transactions. This essay will first explain the definition of agency and methods of creating agency relationship‚ then the benefits and drawbacks of agency will be illustrated. Finally‚ there are two examples presenting formal and informal agency relationship. THE LEGAL CONCEPT OF AGENCY An agency refers to a legal relationship
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When a business is conducted between a buyer and a seller via a representative‚ the legal relationship between the seller / the principal and the representative / the agent is governed by the Law of Agency. A fiduciary relationship created under the law of agency in which one person has a legal authority to act for another‚ can arise from1. 1. An oral or written expressed agreement‚ whereas agent is appointed by the principal for a particular task‚ 2. Ratification of an agent’s conduct
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partnership or simply partnership is an association of two or more people carrying on a business with the goal of earning a profit.A partnership is viewed as being one and the same as its owners.The standard general partnership is an organization established by individuals to pursue some business activity.Although the law is permissive in relation to the establishment of such enterprise there are particular way in which law impinges controls‚not just the operation of partnership‚but their very formation
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TASK 1 (A). SOLE TRADER : Is a business which is owned and manages by one individual‚ who is self-employed and in some case employ other people on either a full time or part time basis. EDEXCEL HNC/HND BUSINESS (2009). A sole trader normally use his own personal funds/capital to start the business and he decided on types of goods or services to produce‚ the location‚ what capital or funds is required etc examples of sole traders are self employed plumbers‚ news agents‚ local
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and Mable Bacon From: Allicia Hines Re: Business Formation of Potential Cardigan Home Store A partnership‚ sole proprietorship‚ and incorporation are three types of business ownership. (Miller 444) Sole proprietorships can be operated and owned by the same person. Then again‚ an entrepreneur may claim sole proprietorships; however they may acquire a supervisor to run the business daily routine. The sole proprietor tracks every profit made from the business and is responsible for any losses that may
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article named “How to Be Your Own Boss-the Non-Sugar Created Super Success Truth”. He tell us how people can be so scare to take risk‚ they see the opportunities but don’t want to to make sacrifices by fear. He tell us how hard it will be to start a business‚ it’s normal to have some failure‚ to be down and feel like the worst person in the universe but with a little perseverance you can reach your dream. And all that can be resume in a nice inspiring paragraph written by
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Meaning ▪ Features ▪ Advantages ▪ Disadvantages ▪ Suitability PARTNERSHIP FIRM ▪ Meaning ▪ Features ▪ Merits ▪ Demerits ▪ Kind of partnership firm ▪ Types of partners ▪ Partnership Deed JOINT HINDU FAMILY BUSINESS ▪ Meaning ▪ Features ▪ Advantages ▪ Disadvantages JOINT STOCK COMPANY ▪ Meaning ▪ Features ▪ Advantages ▪ Disadvantages ▪ Management ▪ Forms of companies ▪ Features‚ Merits and Demerits of types of companies
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Fundamentals of Business Law. Summarized Cases. 8th Edition 24.4 Indications of Partnership – Norris v. Fontenot. In 1996‚ Stafford Fontenot‚ Steve Turner‚ Mike Montelaro‚ Joe Sokol‚ and Doug Brinsmade decided to go to Atlanta‚ Georgia‚ the site of the Olympic Games to sell Cajun food. They started the preparations about 6 month before‚ choosing “Prairie Cajun Seafood Catering of Louisiana” as their name. On May 19‚ they applied for a license with the designated department in Fulton County‚ Georgia
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OUTLINE FOR COURSE ACCT5150: BUSINESS AND COMPANY LAW (For 2014-2015) COURSE OUTLINE Course Title: ACCT5150 Business and Company Law Description: This course seeks to provide an introduction to the institutions‚ doctrines and methodology of the law in the business and corporation context. The first part of the course will begin with an examination of the legal system of the Hong Kong SAR before proceeding to encompass a selection of topics in business law such as the law relating to contract‚ torts
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often go above and beyond the laws set in place by government. Just like individuals‚ a business entity chooses a standard of moral behavior to uphold. A difficult task to undertake‚ considering businesses are comprised of people with varying behavioral standards‚ but a necessary one nonetheless. Businesses are required to act with a moral minimum‚ defined as the minimum degree of ethical behavior expected of a business‚ or more specifically‚ compliance with the law . Most businesses go above this
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