List and Describe the Three Forms of Authority

question 24

Essay

List and describe the three forms of authority.

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Definitions:

LLP

Limited Liability Partnership, a legal structure for a business where partners' liabilities are limited to their investment in the partnership.

Continuing Liability

An ongoing financial or legal responsibility that does not end upon the termination of a contract or agreement.

Nonwrongfully Dissociated

Pertains to a situation where a partner leaves a partnership in accordance with the terms of the partnership agreement or without causing harm to the partnership’s ability to continue.

Demand Payment

A request for the payment of money owed, usually in a formal or legal context.