Imagine that you own each of the following businesses

 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 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.


………………………..Answer preview………………………

In the business world, prospective owners may choose to take different forms of business depending on the desired level of control and availability of capital. Different business entities have different control structures as well as legal limitations (Born, 1996). The more the owner is tied to the business entity, the more the personal liability they bear in case of legal disputes affecting their business and vice versa…………………………………


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