agency

Agency Shop

A place of employment in which full membership in a union is not required, but the union acts as an agent for the employees.  Both union members and non-union members must pay periodic union dues and initiation fees whether they join or not since it is presumed that any collective bargaining on the part of the union will benefit both union members and non-union members. 
 

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Fiduciary Duty

Overview

When someone has a fiduciary duty to someone else, the person with the duty must act in a way that will benefit someone else, usually financially. 

The person who has a fiduciary duty is called the fiduciary, and the person to whom the duty is owed is called the principal or the beneficiary. If the fiduciary breaches the fiduciary duties, he or she would need to account for the ill-gotten profit. The beneficiaries are typically entitled to damages.  

Partnership

Overview

A partnership is a for-profit business organization comprised  of two or more persons. State laws govern partnerships. Under various state laws, "persons" can include individuals, groups of individuals, companies, and corporations. As such, partnerships vary in complexity.

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Category: Enterprise Law

Agency

Agency: An Overview

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.

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