REG — Quick Sheet
Business Law: Agency & Business Structures
Read time: ~5 minutes
One-minute revision
- Authority: actual express, actual implied, apparent (arises from the principal's conduct, never the agent's claims)
- Agent duties: loyalty, obedience, care, accounting, notification
- GP → unlimited joint & several; LP → GP unlimited, limited partners limited; LLP → shielded from partners' malpractice
- LLC: single member disregarded, multi-member taxed as partnership by default, can elect corporate
- C corp double tax; S corp flow-through with eligibility limits
- Limited partner participating in control can lose limited liability