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)
1. 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.
2. For each business entity, analyze how you might limit your liability exposure as an owner.