Purchasing Officer's Personal Liability PROC 5810 Webster University Online 22 July 2013 Abstract If you research the internet, there are massive amounts of information on how the law handles purchasing agent actions when acting upon directions from their principal, but what happens when the agent acts alone, is the agent held responsible? What about signature authority or when the agent is careless and takes on actions that he/or she has no right to perform. Can a purchasing officer be
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individual. In this business, a single person makes all the decisions and does not have to engage a legal department to approve contracts. The owner of such a business can only use personal funds even though he or she may have separate checking and savings accounts for the business. The first characteristic of this form of business enterprise is liability. A sole proprietor suffers from unlimited liability. The owner becomes liable personally for all the obligations and debts of the business. The second
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MW 10:15 Business law Business Formation Assignment (ch. 19&20) Sole Proprietorship What legal liability and protection comes with this form of ownership? In a sole proprietorship the owner of the business has full liability for anything that happens within the business. The business isn’t its own entity therefore it all falls on the sole owner. Any issues, liabilities or losses that incur within the business are the owner’s responsibility. How is this type of business formation
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on the principal’s behalf, as expressly stated in the agency agreement. In addition, the agent may also possess certain implied or apparent authority to act on the principal’s behalf”(p.461). A business owner needs to clearly define the responsibilities and authority that each employee holds. The business owner also needs to clearly state which individuals within the organization have the authority to enter into a contract on the organizations behalf. The author will discuss “The Nature of Agency
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Small Business Idea Katrina Le`Vere University of Phoenix ACC 561 July 17, 2012 Samuel G. Smith Introduction Starting a business requires a decision governing what form of business organization the company or corporation should operate under. This decision must be made before the business has actually begun operations. The owner must make two initial decisions in order to begin their business operation: the type of business entity
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so you got to require to give the benefit back * Reformation Types Of business entities Goals: pay as little tax as you can and limit liability Sole proprietorship: easiest business to form * Individual – personal venture * Advantage: easy to do, no separate taxes to pay, no corporate taxes to pay so lower taxes * Disadvantage: fully 100% liable Partnerships generally: individuals operating a business a co-owners * No separate taxes * Both partners are liable is a downfall
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Small-Business Idea Acc 561 Nov. 7, 2012 Wayne Moore Small-Business Idea In today’s economy there are numerous people searching for ways to establish their own business. When an entrepreneur has the aspiration to endeavor and create a clothing company they should first think out a plan and how the business can grow in the end. Knowing the startup cost, having policies, projecting the employee ratio, and choosing the location for product launch, all play a key role into starting up a clothing
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MARKETING OF INSURANCE SERVICES AGENCY APPROACH In recent times the insurance business has been based on agency representation and relationship. The agent represents the principal in the sale of insurance policies and in forcing a contractual relationship between the principal and the client. According to Nwachukwu (1991), the following criteria will be considered in agency creation 1) The creation of agency. The relationship can be formulated either through written or oral communication or
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Home Page » Business and Management Mini Case (P. 45) In: Business and Management Mini Case (P. 45) a. Why is corporate finance important to all managers? Corporate finance is important to all managers because it allows a manager to be able to predict the funds the company will need for their upcoming projects and think about ways to organize and acquire those funds. b. Describe the organizational forms a company might have as it evolves from a start-up to a major corporation.
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PROPRIETORSHIP: The owner and the business are considered one. The owner takes all the risk and receives all the profits. It is easy and inexpensive to start up a sole proprietorship however a sole owner has trouble raising capital which could limit growth. • LIABILITY –If the business fails the owner is financially responsible and my lose everything. • INCOME TAXES – The proprietor and the business are taxed together. • LONGEVITY/CONTINUITY – The business dies with the sole proprietor. • CONTROL
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