How is an agent's authority determined in an agency by implied authority? What do courts generally permit agents to do?
What will be an ideal response?
In agency by implied authority, customs, circumstances, and the facts of a situation determine the authority of the agent to do business on behalf of the principal. Unless the agency contract says otherwise, courts have generally allowed agents to:
a. Receive payments of money due the principal;
b. Enter into contracts for incidentals;
c. Employ or discharge employees; and
d. Buy equipment and supplies.
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National Pollution Discharge Elimination System (NPDES) permits establish limits on the concentration and amount of various pollutants that can be discharged and require the discharger to keep records, to install equipment to monitor the discharges, and report the monitoring results to the state environmental agency.
Answer the following statement true (T) or false (F)
A(n) ________ is a special form of partnership in which all partners are limited partners, and there are no general partners
A) domestic LLC B) proprietorship C) LLC (limited liability company) D) LLP (limited liability partnership)
Berman sold her business, including merchandise and fixtures, to Curran. This is a(n)
a. present sale. b. sale on approval. c. bulk transfer. d. auction.
Identify which of the following statements is false.
A) When determining the use of an NOL carryover following a change of ownership, the old loss corporation and the new loss corporation may be the same for Sec. 382 purposes. B) A new loss corporation that does not continue the business enterprise of the old loss corporation during the two-year period beginning on the date of the stock ownership change cannot use the net operating loss carryover. C) One advantage of a tax-free reorganization is that losses realized as part of a tax-free reorganization are not recognized. D) For purposes of Sec. 382, ownership changes are tested any time a 5% shareholder has a stock transaction affecting his ownership.