Business Ownership

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 lawsuit.
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 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.

Answer preview………

Matrix
Business ownership profoundly determines the type of liability that owner(s) face in case of breach of contract. The contractual agreement of each business offers a different way through which liabilities and assets are shared among shareholder(s). This “sharing” accord allows for a difference in the manner each business type operates when it comes to structuring, operation, and responsibility (Mallor & Barnes, 2015). They also create an entity structure that allows each business model to function individually, liable for its breaches and to protect its customers while at the same time owning up to its responsibilities……..
APA 1533 words