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Agency law in the United Kingdom is a component of UK commercial law, and forms a core set of rules necessary for the smooth functioning of business. Agency law is primarily governed by the Common law and to a lesser extent by statutory instruments. In 1986, the European Communities enacted Directive 86/653/EEC on self-employed commercial agents.
In business, free agents are people who work independently for themselves, rather than for a single employer. [1] The term "free agent" is believed to have been coined by American writer Daniel H. Pink, author of a 1997 cover story in Fast Company titled “Free Agent Nation.” [2] In 2001 Pink published a book with the same name.
An advertising agency, often referred to as a creative agency or an ad agency, is a business dedicated to creating, planning, and handling advertising and sometimes other forms of promotion and marketing for its clients. An ad agency is generally independent of the client; it may be an internal department or agency that provides an outside ...
Intelligence agencies use front organizations to provide "cover", plausible occupations and means of income, for their covert agents. These may include legitimate organizations, such as charity, religious or journalism organizations; or "brass plate firms" which exist solely to provide a plausible background story, occupation, and means of income.
The relationship between a company's shareholder and the board of directors is generally considered to be a classic example of a principal–agent problem.The problem arises because there is a division between the ownership and control of the company, [10] as a result of the residual loss.
The mercantile agency in the United States is a much more comprehensive organization and came into existence after the financial crisis of 1837. Trade in the United States had become scattered over a wide territory, communications were slow, and town merchants lacked adequate information as to the standing of many businessmen seeking credit.
In principal–agent models, the agent often gets a strictly positive rent (i.e. their payoff is larger than their reservation utility, which they would get if no contract were written), which means that the principal faces agency costs. For example, in adverse selection models the agent gets an information rent, while in hidden action models ...
Business brokers, also called business transfer agents, or intermediaries, assist buyers and sellers of privately held businesses in the buying and selling process.They typically estimate the value of the business; advertise it for sale with or without disclosing its identity; handle the initial potential buyer interviews, discussions, and negotiations with prospective buyers; facilitate the ...