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Legal Entities - Coggle Diagram
Legal Entities
Agent
Example: Employee; Property Agent
Carries out instruction
Duties to principal
Termination of agency
Performance
Agreement
Frustration
Breach
Principal
Gives Instructions
Pays agent when task is completed
Example: Employer
Corporations (Company)
Asset Ownership & Contracts
Separate Legal Entity
Directors and Shareholders
Employee or IC?
Integration Test
Economic Test
Control Test
Partnerships
2-20 partners
"collective organisation"
unlimited liability
Sole Trader
ONE owner
unlimited liability