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Types of Principal in Georgia? Principals are categorized based upon whether their identity is disclosed to third parties with whom the agent interacts on their behalf. Disclosed Principal - A disclosed principals identity is known to third parties dealing with the...
What are the main types of business entities in Georgia? The main types of business entity discussed in this chapter are: Sole Proprietorships - The sole proprietorship is not considered a separate business entity, but it is the basis from which business entities are...
What is Agency in Georgia? An agency relationship is one in which a party acts on behalf of and with the authority of another party. The principal appoints or authorizes the agent to act on her behalf. Thus, she is responsible for the actions of the agent taken...
What is required to form a principal-agent relationship in Georgia? An agency relationship is created in the following manners: Express Agreement - A principal and agent may expressly agree to form an agency relationship. The agreement can be oral or in writing. The...
Duties of a Principal to an Agent in Georgia? Generally, a principal owes the following duties to the agent: Duty to Compensate - An agency relationship may be paid or gratuitous. The terms of an agency may be laid out in the agency agreement. If the agency agreement...
What are the many variations in characteristics of the ownership structure of the corporations in Georgia? At the time of formation, a corporation authorizes shares to issue to shareholders in exchange for capital. Promoters and Stock Subscription Agreements - Often...
What is the Sarbanes-Oxley Act? The Sarbanes-Oxely Act (SOX) is the primary federal law governing corporate governance and accountability across multiple aspects of corporate business practice. SOX specifically regulates markets, brokers, dealers, accounting and...
What is the role of shareholders of the corporation? Shareholders are the owners of the corporation. They have ownership rights in the shares of corporate stock. The role of the shareholder in the corporation is limited, however, as they have neither the right nor the...
What is the role and purpose of the corporation? The concept of the corporation originated through governmental charter allowing individuals to carry on business collectively. Basically, the charter gave the corporate entity form legal status that was similar to...
Anti-takeover Measures in Corporate Governance When an acquirer attempts a hostile takeover, boards of directors commonly institute measures to thwart the acquirers attempts to gain control of the corporation. Some common measures employed are as follows: Shark...