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Funding a business
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[QUOTE="Yakub02, post: 308379, member: 94426"] It is usually straightforward to decide if an entity is an agent or a principal. The determination is based on the nature of the promise of a party in a contract. Indicators that an entity is an agent (and therefore does not control the good or service before it is provided to a customer) include the following: another party is primarily responsible for fulfilling the contract; the entity does not have inventory risk before or after the goods have been ordered by a customer, during shipping or on return; the entity does not have discretion in establishing prices for the other party’s goods or services and, therefore, the benefit that the entity can receive from those goods or services is limited; the entity’s consideration is in the form of a commission; and the entity is not exposed to credit risk for the amount receivable from a customer in exchange for the other party’s goods or services. [/QUOTE]
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