In an agency relationship, the agent is the person authorized to act on behalf of the principal and create legal obligations for them.

A partnership is a legal relationship formed when two or more people come together to carry on a business for profit.

In a partnership, the partners are jointly and severally liable for the debts and obligations of the business, meaning each partner is fully responsible for the entire amount owed.

An agent has a duty of loyalty, obedience, and diligence to their principal, meaning they must act in the best interests of the principal, follow their instructions, and exercise reasonable care and skill in carrying out their duties.

Revocation is the legal term for the right of a principal to terminate an agency relationship at any time, with or without cause.

Renunciation is the legal term for the right of an agent to terminate an agency relationship at any time, with or without cause.

Implied authority is the legal term for the implied authority of an agent to do all acts necessary or customary in carrying out their duties.

Apparent authority is the legal term for the authority of an agent that is created by the principal's words or conduct, leading a third party to reasonably believe that the agent has authority to act on their behalf.

Express authority is the legal term for the authority of an agent that is expressly granted by the principal in writing or orally.

Inherent authority is the legal term for the authority of an agent that is inherent in the nature of the agency relationship and necessary for the agent to carry out their duties.

Vicarious liability is the legal term for the liability of a principal for the acts or omissions of their agent committed within the scope of their authority.

Direct liability is the legal term for the liability of a principal for the acts or omissions of their agent committed outside the scope of their authority.

In a partnership, the partners are jointly and severally liable for the debts and obligations of the partnership, meaning each partner is fully responsible for the entire amount owed.

A general partnership is a type of partnership in which the partners have unlimited liability for the debts and obligations of the partnership.

A limited partnership is a type of partnership in which the partners have limited liability for the debts and obligations of the partnership.