Secret Agent Man
On my own
It takes two to make a thing go right
It takes two to make it out of sight
Pot Pourri
100
This is the label that the law applies to a relationship in which by mutual consent one person or entity undertakes to act on behalf of another person or entity subject to the principal’ s control
What is Agency
100
This is an unincorporated business owned by one individual.
What is a sole proprietorship?
200
This person is the party for whom the agent acts and from whom the agent derives authority to act
Who is the Principle?
200
This person is responsible for all the debts and obligations incurred on behalf of a sole proprietorship, including any obligation incurred by an authorized agent.
Who is the Sole proprietor?
200
This document is not required for a general partnership to be valid.
What is a partnership agreement?
200
These members of a limited partnership do not have personal liability for the debts and obligations of the limited partnership.
Who are the limited partners?
200
This describes the method of taxation whereby profit or loss of a partnership are transferred to its owners, who then pay tax at their personal tax rate.
What is flow through taxation?
300
These are the two types of agents
What are general agents and special agents?
300
This document is filed with the secretary of state to form a limited partnership.
What is the certificate of formation of limited partnership
300
Under what doctrine do we determine that an employer who retains control over the manner of an agent, will be responsible for the actions of the agent if 1) the person is an actual agent and not an independent contractor and 2) the agent is acting within the scope of the principal’s business.
What is respondeat superior?
400
This person is responsible for all debts and obligations incurred on behalf of a sole proprietorship.
Who is the Sole proprietor
400
A sole proprietor must ask the state for this number if they decide to hire an employee
What is a tax identification number?
400
This is a distinctive Mark, brand name, motto or symbol used by a company to identify or advertise the product it makes or sells.
What is a trademark?
500
There are five ways an agency can terminate. Name any three.
Expiration of Agency term: if there is an express agreement, the agency will terminate as set forth in the agreement Fulfillment of Purpose: An agency created for a specific purpose terminates on the completion of the purpose. Death of agent or principal Impossibility of Performance Act or Agreement of the parties
500
There are several disadvantages to operating a sole proprietorship. Name any three.
The owner of a Sole Proprietorship is exposed to unlimited liability. He is responsible for ALL debts and obligations of the business He is liable for ALL torts committed by him or his agents (acting within the scope of employment) There is no protection for the owner’s personal assets! Creditors can go after the business’s assets AND the owner’s personal assets. Insurance may help…. If the owner dies or simply stops doing business, the business itself terminates. Limited Ability to attract highly qualified employees Difficulty in Transferring Proprietary interest Sole proprietorships are difficult to sell because the nature of the business is so closely linked to the owner. The individual assets of the business may have little value without the owner himself. Limited Ability to Raise Capital
M
e
n
u