Explain the duties that agents and principals owe to each other. Describe the advantages and disadvantages of the various forms of business organizations. Identify the rights, duties, and powers among partners in a partnership. Distinguish between general and limited partnerships.

Discussion 2C

Make a statement of the most significant issue that you learned during this week.

This week we continue with the Business Law system and the basics of business operations; specifically:
Agency and employment (the individual relationship with the employer)
Business Organizations (The legal organization and status of business activities)
Business formations: Sole proprietorships and partnerships
Business formations: Corporations
Property (The “stuff” that organizations own and use to do business)
Real property (Real estate)
Personal Property
Negotiable instruments (The means of transferring funds)

Learning Objectives:
Distinguish between an employee and an independent contractor.
Explain the duties that agents and principals owe to each other.
Describe the advantages and disadvantages of the various forms of business organizations.
Identify the rights, duties, and powers among partners in a partnership.
Distinguish between general and limited partnerships.
Describe the limited liability company and the limited liability partnership.
Describe the major documents involved in forming a corporation.
Explain the concept of the corporation as a “person” in the eyes of the law.
Describe the responsibilities of corporate officers and board members.
Define real property.
Distinguish among the various possessory ownership interests in real property.
Identify the characteristics of nonpossessory interest in real property.
Discuss the acquisition of property by sale, adverse possession, and eminent domain.
Define personal property.
Define a bailment and describe how a bailment comes into being.

Videos:

https://youtu.be/V0Noy8j9ft8 https://youtu.be/om1ktTbK3d4 https://youtu.be/YszbJZYOxDU