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A relationship between two parties, where one, the agent, is authorized to act on behalf of the other, the principal, in creating legal relationships with third parties.

A business organization in which two or more persons agree to do business together and share profits and losses accordingly.

A legal obligation of one party to act in the best interest of another. Within a partnership or agency, an agent has a fiduciary duty to the principal.

The power of an agent to act on behalf of a principal, either by explicit agreement, or through implied or apparent circumstances.

The person or entity who authorizes an agent to act on their behalf to create legal relationships with third parties.

Power granted by a principal to an agent by intentional and express designation or by implied conduct.

A situation where a principal creates the reasonable impression to a third party that an agent has authority to act on their behalf, even if no such actual authority exists.

The principal's acceptance of an agent's unauthorized act. It retroactively validates the originally unauthorized act.

An agent's responsibility to act solely in the principal's interests, avoiding conflicts of interest and self-dealing.

In a partnership, a legal principle whereby each partner is individually liable as well as jointly with other partners for the entire amount of a debt or liability.

A partnership where each partner has equal management rights and is personally liable for the debts of the partnership.

A partnership composed of one or more general partners with full liability and one or more limited partners whose liability is limited to their investment.

The responsibility of a partner or an agent to act in a reasonable, prudent manner when engaging in activities on behalf of the partnership or principal.

A clause often found in partnership agreements requiring the partnership to compensate partners for liabilities incurred while they were acting on behalf of the partnership.

The formal disbanding of a partnership. It may be voluntary or forced by law or court order.

A legal document granting an agent authority to act on the principal's behalf in legal and financial matters.

A partner who invests in a partnership but does not take an active role in its daily management and is not known to the public as a partner.

When a third party is unaware of the existence of a principal, and believes that the agent is acting in their own capacity.

A commercial enterprise undertaken by multiple parties that otherwise retain their distinct identities. Similar to a partnership, but typically limited to a single project or fixed period.