Legal Underpinnings of Business Law
Imagine that you own each of the following businesses:
Tinker’s Home Security Service (sole proprietorship)
Tinker & Tailor’s Home Security Service (general partnership)
Tinker & Tailor’s Home Security Service (LP)
Tinker & Tailor’s Home Security Service, Inc. (corporation)
Tinker & Tailor’s Home Security Service, LLC (LLC)
- The businesses are being sued for breach of contract.
Create a matrix that lists each business, and compare and contrast
your personal liability exposure as an owner as a result of the
- For each business entity, analyze how you might limit your liability exposure as an owner.
- Describe a business that you may own some day or that
you currently own. (Even if you never plan to own a business, pretend
as if you will do so for the purposes of this assignment.) Examine the
best business organizational form for the business that you have
described, including in your examination personal liability exposure,
management, taxation, and ease of formation.
Submit a four- to five-page paper (not including title and
reference pages). Your paper must be formatted according to APA style
as outlined in the approved APA style guide and you must cite at least
three scholarly sources in addition to the textbook.