This lecture covers the foundational aspects of Business Associations, focusing on Agency Law, Partnerships, and Corporations. It explores the formation, fiduciary duties, authority, and liability associated with each entity type, providing essential insights for bar exam preparation.

Takeaways

Agency law is foundational to business law.

The agency relationship requires consent, benefit, and control.

Partners in a general partnership have equal rights in management.

Limited partners in an LP have liability limited to their investment.

Corporations are distinct legal entities with limited liability.

Directors owe fiduciary duties to the corporation and its shareholders.

Promoters are liable for contracts made before incorporation.

Shareholders have rights to inspect corporate records.

Piercing the corporate veil can hold shareholders liable.

Understanding these concepts is crucial for bar exam success.