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- 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.
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