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What agency status between corporate officer and corporation

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Problem 1: A father and son want to formalize their family cattle ranching operations into a legal business entity. They want the business entity to offer liability protection and perpetual existence as well as have a flow-through status for tax purposes. Which business entity is appropriate for this situation?

a. General partnership

b. S corporation

c. Sole proprietorship

d. C corporation

Problem 2: A corporate officer enters into a contract with a supplier for the purpose of raw materials for its corporation. What is the agency status between the corporate officer and the corporation?

a. Principal and corporate officer, non-agency relationship

b. Employer-independent contractor, agency relationship

c. Agent and principal, agency relationship

Problem 3: Which event can cause an agency authority to terminate by the operation of the law?

a. Revocation of the consent to authority by the principal

b. Abandonment of authority by the agent

c. Death or insanity of either the principal or the agent

d. Renunciation of authority by the agent

Reference no: EM132943414

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