BUSI 2601 Lecture Notes - Lecture 6: Double Taxation, Fiduciary, Canada Revenue Agency

• School: Carleton University
• Department: Business
• Course: BUSI 2601
• Professor: Sam Schwisberg

Document Summary

When one business or individual retains another to represent it, the principal has retained an agent. The age(cid:374)t does (cid:449)o(cid:396)k o(cid:374) the p(cid:396)i(cid:374)(cid:272)ipal"s (cid:271)ehalf and is authorized to represent the principal. Common examples: p(cid:396)ofessio(cid:374)al athlete"s spo(cid:396)ts age(cid:374)t, a(cid:374) i(cid:374)di(cid:448)idual"s i(cid:374)su(cid:396)a(cid:374)(cid:272)e age(cid:374)t o(cid:396) t(cid:396)a(cid:448)el age(cid:374)t, ee pages (cid:1006)(cid:1012)(cid:1011)-288 in 5th and 295-296 in 6th, (cid:862)i(cid:374) fa(cid:272)t, i(cid:374) al(cid:373)ost e(cid:448)e(cid:396)(cid:455) (cid:271)usi(cid:374)ess t(cid:396)a(cid:374)sa(cid:272)tio(cid:374), at least o(cid:374)e of the pa(cid:396)ties is a(cid:272)ti(cid:374)g as a(cid:374) agent. A corporation enters a contract through the agency of one of its directors or employees. A partnership is likewise bound n contract through the agency of one of its pa(cid:396)t(cid:374)e(cid:396)s(cid:863) see page 288 in 5th and starting at very bottom of page 295 in 6th. The agency agreement states that b must get permission to bid for a on such contracts when the contract is valued at over million cdn. B (cid:271)ids fo(cid:396) a o(cid:374) a (cid:1009) (cid:373)illio(cid:374) cdn (cid:272)o(cid:374)t(cid:396)a(cid:272)t (cid:449)ithout getti(cid:374)g a"s pe(cid:396)(cid:373)issio(cid:374).