Management and Organizational Studies 2275A/B Lecture 6: Business Law – Lecture 6 Forms of Business Organization

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Desmond Mc Keon

Document Summary

It has all the legal powers to carry on a business: for our purposes, people are corporations, and corporations are people not much of a distinction between the three, they are the same, corporations are separate legal entities, they are different from the people who own them, sp and part the business and the owners of the business are the same thing legally, corp shareholders are not liable, and the business lives on even if shareholders die, most businesses are not corp, every business that carries on must be organized in one of these three ways. Definition: agency is an exception to privity, agents may be, employees, partners, independent contractors, relationship looks like the chart on shown above, agency is usually created by contract, the agency agreement may cover, the scope of authority, the duties to be performed, the fees to be paid, relationship between principle and agent is covered through the agency agreement/contract, see notes, ex.