An agency relationship occurs when a principal hires an agent to perform some duty. A conflict, known as an "agency problem," arises when there is a conflict of interest between the needs of the principal and the needs of the agent.

Discuss the possibility of agency problems in a business that is a:

(a) proprietorship

(b) partnership with seven partners

(c) corporation with 100,000 stockholders.

Make you case and back up your opinions with references/support.