Thorough Business Enterprises Outline Essay

Agency law is a relationship between a principal and in agent in which the agent is legally authorized to act on the behalf of the principal.

1. What factors contribute to the rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why?

C) In any type of partnership, every partner has the same rights, privileges, and liability exposure as

a) Definition of Agency: the relationship which subsists between a principal and an agent, where the agent has been authorised to act for the principal or represent him in dealing with others.

When brainstorming to start a business, it is essential to research the most efficient way to start a company and all the liabilities that can happen. Business can become successful with the right person in place and a unique idea. When making a company, it is crucial to determine the structure, which organization to start with and the liability that is involved. When taking a closer look at five different company structures Sole Proprietorship, General Partnership, Limited Partnership, S/C Corporation, and Limited Liability. Which have not honored the contract and are at risk for legal actions. The various liabilities between each owner will be discussed. Which will analyze ways to limit liability and display my future business

"Agency is the relationship that exists between two persons, when one, called the agent, is considered in law to represent the other, called the principal, in such a way as to be able to affect the principal 's legal position in respect of strangers to the relationship by the making of contracts or the [sale or purchase] of property."

Business Planning and Structures The main structures that shall be examined in the context of this venture are: partnerships, joint ventures, companies, trusts and sole partnerships. For the purposes of the investments under consideration, there could be a number of structures that might be applicable for each but not all will be necessarily as efficient. The most probable structure that might be utilised to facilitate each investment is as follows - implement the retail business as a sole trader, farm as a partnership or joint venture, joint venture or company for the speculative mining venture and set up a trust or company for the long term investment portfolio. The rationale will be elucidated below.

When anyone thinks of business, shopping is most likely at the top of that list, if there even is a list. A person enters a department store, specialty store or a grocery store, selects an item or more then proceeds to checkout. A form of currency is exchanged and voilà, business has been done. When children are asked what a business person does, the usual reply is that a business person wears a suit and rides a train to work. While the everyday child and the Average Joe may be seen as business knowledge novices, they certain have heard many key words in business formations. An example would be a professional sports athlete. The agent works on behalf of the athlete and has a contract detailing the work and the compensation received. Joe the sports fan is well aware of this type relationship but probably doesn’t know that Agency is the business term used. Agency and its application will be covered later. Business also has different types of organizations, to include partnerships, franchises and corporations. How these entities can be formed, their types and the powers they hold will be discussed. It is also important in business to know who is in charge, who runs the business and who can decide what the business will do in the present and the future. While all these terms and ideas are exciting, the most exciting entity in business is money. Everyone wants to make lots of money and the right business can help to achieve that goal. The finances,

“In Uniform Commercial Code (UCC) minor changes do not have any impact and the original contract does not get canceled. The quantity is the main focus of the term in UCC. Offers made by a firm are irrevocable if the deal is made in writing in UCC” (UCC vs Common Law, 2014). “Uniform Commercial Code is a statutory law for certain types of commercial transactions, including sales of goods, which has been adopted by all 50 states. Many of its rules are similar to Common Law, but it

AIU Online (2011). BUSN310: Unit 3 course material: Rights and obligations. Retrieved August 4, 2011 from https://mycampus.aiu-online.com/pages/MainFrame.aspx?ContentFrame=/Default.aspx

Power of Attorney – This is basically given by an individual to an agent or relative to act on his behalf to carry out any legal, financial transaction in case the individual is not able to fulfill them on his own. The authority in this case is fully liable

Cultural intensity is the degree to which members of a unit accept the norms, values, or other culture con- tent associated with the unit. This shows the culture’s depth. Organizations with strong norms promoting a particular value, have intensive cultures, whereas new firms (or those in transition) have weaker, less intensive cultures.

Mutual agency means that one partner may enter into agreements that are binding upon all the

“When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted; a proposal, when accepted, becomes a promise”

Business plays a major role within our society. It is a creative and competitive activity that continuously contributes to the shaping of our society. By satisfying the needs and wants people cannot satisfy themselves, businesses improve the quality of life for people and create a higher standard of living.