hpseventeen
An agency contract creates a relationship where one person (the agent) acts on behalf of another person (the principal). Both the principal and the agent have certain rights and duties. Here’s an explanation in simple terms: Duties of Principal 1. Pay the Agent:The principal must pay the agent the agreed salary, commission, or fees for … Read more
An agent is someone who works on behalf of another person, called the principal, to handle business or legal tasks. Normally, the agent is not personally responsible for the business because they act for the principal. Any agreements or actions by the agent are seen as the principal’s responsibility. There are some situations where an … Read more
A general meeting is a formal gathering of the shareholders or members of a company. It is held to discuss important matters about the company and to make key decisions. The meeting allows shareholders to stay informed, share their opinions, and vote on important issues. It is an important part of managing a company and … Read more
A sub-agent is a person appointed by an agent to perform tasks or assist in carrying out duties on behalf of the principal. The sub-agent works under the agent, but their actions still affect the principal. Provisions Related to a Sub-Agent 1. Appointment An agent can appoint a sub-agent only if: 2. Responsibility The agent … Read more
Arbitration is a way to solve disputes without going to court. In arbitration, an independent and impartial person, called an arbitrator, listens to both sides of the argument and makes a decision. This decision is legally binding, meaning both parties must follow it. Arbitration is commonly used in business because it is faster, more private, … Read more
A company is a legal organization formed by a group of individuals to carry out a specific purpose, usually a business. It is recognized as a separate legal entity, meaning it has its own rights, responsibilities, and liabilities, separate from its owners. A company can own property, enter contracts, sue or be sued, and conduct … Read more
An agent is a person or entity authorized to act on behalf of another person or entity, known as the principal, in conducting business, making decisions, or entering into contracts. The relationship between the agent and the principal is governed by an agreement (explicit or implied), where the agent acts within the scope of authority … Read more
An auditor checks a company’s financial records to ensure they are accurate and follow laws and rules. The key duties of an auditor are: 1. Check Financial Statements Review the company’s financial reports to ensure they are correct and follow accounting standards. 2. Follow Legal Rules Ensure that the company is following all financial laws … Read more
A company is an artificial person created by law. It has its own legal identity separate from its owners. This means it can buy property, sign contracts, sue or be sued, and do business like a person. However, unlike a real person, it exists only on paper and works through people like directors and employees. … Read more
A Contract of Agency is an agreement where one person, called the agent, is legally authorized to act on behalf of another person, called the principal, to deal with third parties. The agent represents the principal and works to fulfill their instructions. The principal is responsible for the actions taken by the agent within the … Read more