Agent, partnership, and limited liability company

Author: J. Dennis Haines
Publisher:
Publish Date: 2004-03-01
Features: Since the content of this book includes more than one type of business organization, readers should not only pay attention to the similarities and differences in law among different business organizations but also understand the advantages and disadvantages of choosing different organizational forms. One of the most common legal issues for corporate lawyers in reality is to help clients choose the most favorable legal organizational form and place of registration based on actual circumstances (such as tax considerations, liability considerations, and actual control considerations, etc.). Paying attention to this point while reading will be beneficial for cultivating the ability to "tailor-made" for clients. "Agency, Partnerships, and LLCs" is named as such, and it covers the basic concepts and legal principles of these fundamental business organizational forms: agency, partnerships (including limited partnerships and general partnerships), and limited liability companies (LLCs). When it comes to agency, partnerships, and LLCs, these business forms, although not as prominent as corporations in modern business society, still play a significant role and even have certain advantages over corporations in some fields. From a legal perspective, the basic concepts and principles of agency and partnerships are actually the cornerstone of corporate law. Principles such as the ultra vires doctrine under agency law and the fiduciary duty of agents, as well as the duty of good faith among partners under partnership law, have all developed into important principles in corporate law. Moreover, the core issue of corporate governance—separation of ownership and management power between shareholders and management—ultimately boils down to an agency issue. In fact, many law schools in the United States often start their corporate law courses with agency and partnerships, and some law schools even name the course "Business Organization Law" to indicate that it will cover different business forms such as agency, partnerships, LLCs, and corporations.