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 matrixthat 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- 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.
Preview of the answer..
Business executives comprehending the rules of law in business are better placed in the identification of shareholders responsible for the company’s liabilities. For example Tinker’s home security was created as a sole proprietorship. Strauss (2012) gives the impression that sole proprietorship is the simplest and most inexpensive form of business an entrepreneur can create. In other words it’s simple to achieve. The major issue, however is that the business entity and the owner are more or less the same. Implying that when something goes haywire and the entity is sued the owner is fully responsible. This then amounts to, if Tinker’s home security..
APA 598 words