BLAW 3277 Lecture Notes - Lecture 1: Double Taxation, Sole Proprietorship, Parental Leave
Document Summary
Agency: a party that is willing to act and on behalf of the principle, principle is in control of the agent, when you work for a company, you are an agent of that company. Business organizations: sole proprietorship, u. s is only industrialized country whose laws do not require paid parental leave business, full and unimpeded personal liability for all business debts/for torts. Easily formed, life time owner, full and complete right to manage/ control of similar position. But exempting (cid:498)key employees(cid:499) (cid:523)ee whose pay is in top (cid:883)(cid:882)% of firms of your employees, owner is taxed, limited to owner"s assets and loans no debts, both are agent/principal of each other, each liable for each other"s torts, Easily formed; just stat seeking shared profit, duration until partner dies or withdraws, each partner has full and complete right to manage; committee may be pragmatic, each partner full and unimpeded liability for all business.
