This assighment requires you to apply the course material on business forms and agency to an actual company.
- Select any company. This can be where you work, where someone you know works, or any major business concern (McDonalds, Exxon, Walmart, etc.).
- Describe the business form this company decided to use (i.e. corporation, partnership, franchise, LLC, etc.).
- In as much detail as possible, explain why you think this company chose this type of business form. What specific risks or benefits do you think the company had in mind when choosing this business form. Give examples of the various risks/liabilities that could arise for this company while conducting its business, and how these are managed by virtue of the business form. [1 paragraph]
- Using agency principles of authority and fiduciary duties, and a little "educated imagination", explain how a principle-agent relationship might function in this company. What authority might a a principle delegate to an agent? How would the agent fulfill fiduciary duties for the company? [1 paragraph]