Legal Underpinnings of Business Law
Imagine that you own all 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 every 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.) Observe the best business organizational form for the business that you have explained, including in your examination personal liability exposure, taxation, management and ease of formation.
Submit a four- to five-page paper (not including title and reference pages). Your paper need 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.