You can authorize the agent to do anything (and restrict them) that you are capable of doing – you can even get them to sign a contract for you provided it’s legal Agent vs. Independent Contractor : big difference is the control test – agent can have more than one athlete; independent contractor: someone works for you for a specific task and moves on (but when independent contractor does something wrong or messes up, principal isn’t liable) All employees are agents (but not all agents are employees) Independent contractors = self-employed (don’t need to pay taxes for social security, medicare, and FICA like agents do [since employer does this – 15.3%]) Only agents pay that and fill out w-2 forms Self-employed must get into net earnings (But who will pay social security and medicare? You must pay the entire thing since you are the employer and employee) Fill out 1099 Misc at the end of the year, and you must pay the 15.3% yourself Must be in someone’s scope of authority for principal to get in trouble if agent incurs damages/injuries Agent = fiduciary : an individual that is the closest bond of trust – you will not do something that is counter to his best interests and not using principal’s personal information); this person must act on your behalf (meaning in your best interests – agent must think as if he were looking from the principal’s mindset)
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