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 four 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.

solution preview

According to Schneeman (2010), the main important thing to limit liability exposure is know the position the company is in terms of its vulnerability. Most significantly, the management should be also find techniques to recognize the possible situations that can drive the company to a vulnerable position. This is to make sure that in case of any risk associated with the forms of business, a proper strategy will be implemented quickly to make alleviate the effects or the impact. To the owner, recognizing all the essential aspects of any liability that is associated with the forms

Legal Underpinnings of Business Law

solution preview

total word count: 1261