Homework: Legal Underpinnings of Business Law
Length: 4 to 5 pages.
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)
o 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.
o For each business entity, analyze how you might limit your liability exposure as an owner.
o 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 homework.) 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.
Format your homework according to the following formatting requirements:
o The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
o The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
o Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.