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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Personal liability exposure as a result of the lawsuit.

Name of Business	Type of business	Liable for debts
Tinker’s Home Security Service	Sole proprietor	Sole proprietor
Tinker & Tailor’s Home Security Service	General Partnership	Partners
Tinker & Tailor’s Home Security Service	Limited partnership	General partners
Tinker & Tailor’s Home Security Service, Inc.	Corporation	Corporation
Tinker & Tailor’s Home Security Service, LLC	Limited liability Corporation	LLC

The above table depicts a summary of the named businesses, the summary contrasts and compares various personal liabilities explosions that are at the center of the litigation process.

Tinker’s Home Security Service

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….

APA

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