BADM 300 Lecture Notes - Lecture 3: Limited Liability Company, Limited Liability Partnership, Special Agent

• School: University of Illinois
• Department: Business Administration
• Course: BADM 300
• Professor: Marrs Gregory

Document Summary

Agency law- legal relationship between principal and agent, and third parties. Law of business organizations- the study of laws resolving disputes that arise when parties combine money, labor or property in an undertaking for profit. Ex: duty of loyalty (nature of relationship)> duty to act solely in. Duty owed by agents to the principal the interest of another as to matters within the scope of the relationship. No formalities required, but mutual consent is required (usually evidenced by a contract) Corporations do have the capacity to be a principal. Anyone can be an agent, acting on behalf of principal. General> agent authorized to conduct a series of transactions. Special> agent who conducts a single transaction or a series not. General vs. special agent involving a continuity of service (ex. For jimmy johns) involving a continuity of service (real estate agent, not purchasing a house all the time) Masters & servants v. independent contractor (real estate agent)