It is inevitable that in certain circumstances business entities might be unable to perform their financial obligations. Appointment may be express or implied and may be terminated by acts of the parties the death, bankruptcy, or insanity of either the principal or agent frustration or intervening illegality. Various forms of agency, regulated by law, exist: universal, where an agent is appointed to handle all the affairs of his principal general, where an agent has authority to represent his principal in all business of a certain kind and special, where an agent is appointed for a particular purpose and given only limited powers. All partners are agents for each other and as such are in a fiduciary relationship with one another.Īn agent is a person who is employed to bring his principal into contractual relations with third parties. In a partnership, members “associate,” forming collectively an association in which they all participate in management and sharing profits, bearing the liability for the firm’s debts and being sued jointly and severally in relation to the firm’s contracts or tortious acts. There are various forms of legal business entities ranging from the sole trader, who alone bears the risk and responsibility of running a business, taking the profits, but as such not forming any association in law and thus not regulated by special rules of law, to the registered company with limited liability and to multinational corporations. Nearly all statutory rules are intended to protect either creditors or investors. Two fundamental legal concepts underlie the whole of company law: the concept of legal personality and the theory of limited liability. In civil-law countries, company law consists of statute law in common-law countries it consists partly of the ordinary rules of common law and equity and partly statute law.
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