Agency law is concerned with any "principal"-"agent" relationship; a relationship in which one person has legal authority to act for another. Such relationships arise from explicit appointment, or by implication. The relationships generally associated with agency law include guardian-ward, executor or administrator- decedent, and employer-employee. An example would be, Aflac agents/ employer. The agent is responsible for going out to different business to represent their company and sell to build the company.
General Corporation: This is the most common corporate structure. The corporation is a separate entity that is owned by stakeholders.
Ø Owners’ personal assets are protected from business debt liability
Ø Tax free benefits such as insurance, travel, and retirement plan deductions
Ø Change of ownership need not affect
Ø Easier to raise capital through sale of stocks and bonds.
Ø More expensive to form than proprietorship
Ø More legal formality
Ø More state and federal rules and regulations
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