Penn State
Lewis Katz Building, University Park, PA
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Agency, Partnerships, and Limited Liability Entities

Course Abbreviation: 
Credit Only: N Anon Gr: Y

This course surveys the law of unincorporated business entities. The agency law part of the course will focus on agents' powers and responsibilities, liabilities of principals for acts of agents, and termination of the agency relationship. The partnership law part of the course will cover the fiduciary obligations of partners, partners' management and property rights, and partnership dissolutions. The final part of the course will examine the "new" limited liability entities now provided for by the law of all states, with emphasis on the formation, organization, and dissolution of limited liability companies. Although not a prerequisite, this course is strongly recommended for students planning to enroll in Corporations.