Agency, partnership, and the LLC in a nutshell / by J. Dennis Hynes and Mark J. Loewenstein.
2012
KF1375.Z9 H95 2012 (Map It)
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Details
Author
Title
Agency, partnership, and the LLC in a nutshell / by J. Dennis Hynes and Mark J. Loewenstein.
Published
St. Paul, MN : West, [2012]
Copyright
©2012
Call Number
KF1375.Z9 H95 2012
Edition
Fifth edition.
ISBN
9780314276148
0314276149
0314276149
Description
xxiii, 666 pages ; 19 cm.
System Control No.
(OCoLC)755874216
Note
Includes index.
Series
Record Appears in
Added Author
Table of Contents
Preface
v
Table of Cases
xvii
Introduction
1
pt. I
BASIC TERMINOLOGY
Glossary
3
ch. 1
The Agency Relationship Sec.
13
1.
Defining the Agency Relationship
13
A.
The Restatement of Agency
13
B.
The Elements of an Agency Relationship
15
C.
Uses of Agency; Ambiguity of the Word "Agency"
19
2.
The Principal
21
3.
Introduction to the Liabilities of a Principal
22
4.
The Agent
24
5.
Distinguishing the Agency Relationship From Other Relationships
24
A.
Agent or Seller
25
B.
Agent or Bailee
27
C.
Agent or Trustee
29
D.
Principal or Creditor
29
E.
Agency and the Corporate Board of Directors
31
6.
Complex Agency Relationships
33
pt. II
INTERNAL MATTERS: RIGHTS AND DUTIES BETWEEN PRINCIPAL AND AGENT
ch. 2
Duties of Principal to Agent
41
7.
Duty to Pay Compensation
42
8.
Duty of Reimbursement, Indemnity, and Exoneration
46
9.
Duty of Care
48
A.
The Fellow Servant Rule
48
B.
Worker's Compensation
50
10.
Duty to Deal Fairly and in Good Faith
51
ch. 3
Duties of Agent to Principal
54
11.
Duty of Good Conduct; Duty to Obey
55
12.
Duty to Indemnify Principal for Loss Caused by Misconduct
56
13.
Duty to Account
58
14.
Duty of Care and Full Disclosure
59
15.
Duty of Loyalty
61
A.
Loyalty During the Relationship
63
B.
Post-Termination Competition
64
C.
Pre-Empting Business Opportunities
68
pt. III
EXTERNAL MATTERS; RIGHTS OF THIRD PARTIES
ch. 4
Vicarious Tort Liability
73
16.
Respondeat Superior
73
17.
The Policy Behind Respondeat Superior
76
18.
Limitation to Losses Caused by Tortious Behavior
79
19.
Imputed Contributory Negligence
79
20.
Direct Tort Liability of an Employer
80
21.
Liability of the Employee
81
22.
The Independent Contractor Exception of the Second Restatement
82
23.
When a Principal Is Liable for the Torts of an Independent Contractor (Non-Agent Service Provider)
86
A.
The Inherently Dangerous Activity Exception
87
B.
The Nondelegable Duty Exception
87
C.
Negligence in Selection of Contractor
89
24.
The Borrowed Employee
90
25.
The Scope of Employment Limitation
93
A.
Negligence
93
B.
Intentional Torts
96
26.
Punitive Damages
103
27.
Liability to Invitee of Employee
104
28.
Vicarious Liability for Nonphysical Torts
105
29.
The Exculpatory Clause
107
30.
Vicarious Liability by Estoppel
108
31.
The Joint Enterprise Relationship
109
32.
The Unincorporated Association Relationship
112
33.
The Co-Principal Doctrine
114
34.
Procedural Consequences of Vicarious Liability
115
ch. 5
Contractual Powers of Agents
118
35.
The Authority of an Agent
118
36.
Express Authority
119
A.
The Power of Attorney
120
B.
The Equal Dignity Rule
122
37.
Implied Authority
123
A.
Conceptual Basis of Implied Authority
123
B.
Incidental Authority
124
C.
Delegation of Authority
124
38.
Apparent Authority
127
39.
Estoppel
136
40.
Inherent Agency Power
138
ch. 6
The Undisclosed Principal
142
41.
Definition of Undisclosed Principal
142
42.
The Rights of an Undisclosed Principal
142
43.
Limitations on the Rights of the Undisclosed Principal
144
44.
Liabilities of the Undisclosed Principal
145
A.
Authorized Transactions
145
B.
Unauthorized Transactions
147
45.
Payment and Setoff Issues
149
A.
Payment by the Other Party
149
B.
Payment to the Other Party
150
C.
Setoff
151
ch. 7
Liability of the Agent to Third Persons
153
46.
Contractual Liability
153
A.
The Principle of Direct Representation
154
B.
Liability When the Principal Is Disclosed: Special Circumstances
155
C.
Liability When the Principal Is Unidentified (Partially Disclosed)
156
D.
Liability When the Principal Is Unintentionally Undisclosed
158
47.
The Agent's Warranty of Authority
159
48.
Harm to the Economic Interests of Others
161
49.
Liability of the Agent in Tort
162
ch. 8
The Doctrine of Ratification
164
50.
The Concept of Ratification
164
51.
The Act Constituting Ratification
166
52.
Uniqueness of the Concept and Its Justification
169
53.
Implied Ratification
170
54.
Limitations on Ratification
172
A.
Principal Must Have Been Able Initially to Authorize the Act
172
B.
The Knowledge Requirement
173
C.
The No Partial Ratification Rule
174
D.
Withdrawal by the Other Party
175
E.
Changed Circumstances
175
F.
Time Limitations
176
ch. 9
Notice and Notification; Imputed Knowledge
177
55.
Notification
177
A.
Reasonable Expectations
178
B.
When a Notification Is Effective
179
C.
Duration
180
56.
Imputed Knowledge
180
A.
Forgotten Knowledge
183
B.
The Duty Requirement
184
C.
The Adverse Interest Exception
185
D.
The Sole Actor Rule
186
ch. 10
Termination of the Agency Relationship
188
57.
Termination by Will
188
58.
Notice of Termination to Third Parties
190
59.
Termination by Operation of Law
191
pt. IV
THE LAW OF UNINCORPORATED BUSINESS ENTERPRISES
Introduction
193
A.
The Corporation
194
B.
The Different Forms of Unincorporated Businesses
198
ch. 11
The Creation of a Partnership
208
60.
Creating the Partnership Relationship
208
61.
The LLP
212
62.
The Business Role of the Partnership
214
63.
History
216
64.
Litigation Over Partnership Status
216
65.
Partner Liability by Estoppel
218
66.
The Underlying Theory of Partnership
220
67.
The Aggregate Theory and the Property Rights of a Partner
224
68.
When is Property Partnership Property?
226
69.
Real Property
229
ch. 12
The Operation of a Partnership
231
70.
Contractual Powers of Partners
231
71.
Tort Liability for the Wrongs of Partners
241
72.
The Nature of a Partner's Liability
245
73.
Rights and Duties Among Partners
246
74.
The Fiduciary Duties of Partners
246
75.
The Duty of Loyalty
248
A.
Can Fiduciary Duties Be Disclaimed?
250
B.
Leaving the Business
254
76.
The Duty of Care
255
77.
The Duty of Full Disclosure
256
78.
The Duty of Good Faith and Fair Dealing
258
79.
The Managing Partner
261
80.
The Right to an Accounting
262
81.
Indemnity and Contribution Rights of Partners
262
82.
Suits Among Partners
264
83.
Suits by and Against a Partnership
265
84.
The Interest of a Partner; Transfer of the Interest
267
85.
Claims by Creditors of the Partnership
268
A.
Rights Against Partnership Assets
268
B.
Rights Against the Personal Assets of Individual Partners
270
86.
Claims by Personal Creditors of a Partner Against the Partnership Interest of the Partner
271
ch. 13
Dissociation of a Partner and Dissolution of a Partnership
274
87.
Dissolution Under UPA
274
88.
Dissociation and Dissolution Under RUPA
281
89.
Termination of Authority; Notice of Dissociation and Dissolution
285
A.
Termination of Authority
285
B.
Notice of Dissociation and Dissolution
286
90.
Continuing the Business
288
A.
The Buy-Sell Agreement
289
B.
Continuation Clauses
289
C.
Liability of an Incoming Partner
291
D.
Liability of a Withdrawing Partner
292
E.
Duties of Withdrawing Partner to Former Partners
292
F.
Creditors' Claims
294
(i).
New Creditors
294
(ii).
Existing Creditors
294
G.
Rights of the Estate of a Deceased Partner When the Business is Continued
295
H.
The Treatment of Goodwill
297
91.
Winding Up; Liquidation; Terminating the Business
299
A.
Winding Up and Liquidation
299
B.
Termination
303
(i).
Settlement of Accounts
303
(ii).
Claims Among Partners: The Losing Business
304
ch. 14
The Limited Partnership
306
92.
Introduction
306
93.
The Uniform Acts
308
94.
Securities Law, Tax, and Rollup Issues
312
95.
Organization of the Limited Partnership
315
96.
Linkage
317
97.
The General Partner in a Limited Partnership
318
A.
Fiduciary Duties
318
B.
Withdrawal and Removal of General Partner
321
98.
Rights and Obligations of Limited Partners
323
99.
Exit Rights of Limited Partners
328
100.
Distributions
329
101.
Transfers of Interest
330
102.
Dissolution
330
ch. 15
The Limited Liability Company
332
103.
Introduction
332
104.
Taxation and Securities Law Issues
335
105.
Uniform Limited Liability Company Act (1996)
338
106.
Organizational Matters
339
107.
Piercing the Veil of an LLC
341
108.
Management
343
109.
Indemnity and Contribution Rights of Members
344
110.
Fiduciary Duties of Members
345
111.
Distributions
347
112.
Transfer of Interests
348
113.
Exit Privileges
348
114.
Dissolution
350
115.
LLC as an Asset Protection Device
351
116.
The L3C
352
App
A.
Uniform Partnership Act (1914)
354
B.
Conversion Table
389
C.
Uniform Partnership Act (1997)
393
D.
Uniform Limited Liability Company Act (1996)
464
E.
Uniform Limited Liability Company Act (2006)
551
Index
657