BUS 207 Lecture Notes - Lecture 9: Uniform Partnership Act, Sole Proprietorship, Legal Personality
Document Summary
Indemnification: if the agent gets sued, there"s the obligation for the principal to pay for their legal dues. Must inform the principal what"s going on. Accounting: if the agent is handling money, must provide evidence/recordings of those handlings. Types: sole proprietorship, partnership, limited liability entities, corporations. **prof. janssen suggests for studying the different entities, make a chart with different entities up on top, and the characteristics on the side. Considerations (aka different categories on left side of chart) The different things to consider when creating a business entity and deciding what type, what legal structure. Ease of creation and maintenance, owner"s liability, tax considerations, need for capital, management, duration and transferability, special requirements. The owner is the business___ (look on slides) Has at least two people, carry on business for profit as co-owners". The uniform partnership act is model law that has rules governing partnerships, different states decide which part they want to include as their law.
