Legal Underpinnings of Business Law
LAW 480 - Business Law
Arizona State University
April 10, 2024
Ways of Reducing Liability And Exposure Of Owner
Tinker’s Home Security Services
This type of business is a sole proprietorship. In a sole proprietorship, the
owner of the business and the business itself are the same. The business
owner is fully liable for the debts of the business as well as other liabilities
that the business may incur. Therefore, the liability of the owner in this
type of business is not limited. In the event the business cannot pay its
debts and liabilities incurred, personal properties of the owner can be sold
to pay such debts accruing to the business ( Miller, 2012) . Therefore, this
type of business greatly exposes the owner to liability under the law.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
Several measures can protect the owner of this business from business
liability and hence prevent him from being exposed to such liability. First,
an insurance cover is effective in offering such protection. Concerning
insurance, the owner of the business shifts any possible liability that the
business may incur to an insurance firm. The owner of the business then
pays a premium for an insurance cover. In case of a liability requiring the
business to pay a debt beyond what the business can afford, the insurance
company steps in to pay such debts ( Schneeman, 2012) . This way, the
insurance company shields the proprietor against the liabilities of his
business.
Secondly, home protection of the sole proprietor is tact in limiting liability.
This could be done by registering assets in homes under the ownership of
two people like a spouse or any other family member ( Miller, & Hollowell,
2018) . In such cases, the business debts cannot be recovered through the
sale of such properties since the owner equity is shared with another
individual who is not a party to the business. This way, the personal
property of the owner is protected, and hence liability is limited largely.
The use of independent contractors could be another significant avenue to
minimize liability and protect owner in a sole proprietorship. Under the
American legal jurisdiction, a business cannot be held liable for loss caused
by the negligence of an independent contractor ( Kwall, 2015) . Therefore,
hiring independent contractors in sole proprietorship businesses shifts the
liability from the owner of the business to the independent contractor and
therefore shields the sole proprietor against loss occasioned by the
independent proprietor.
Lastly, the sole proprietor in this business can be shielded from liability by
upgrading the business into Limited Liability Company. In this type of
business, the liability is limited to the owners’ equity in the business.
Consequently, this upgrading this business into a limited liability company
will be effective in protecting the owner from any liability associated with
a sole proprietorship.
Tinker and Tailor Home Security Services General partnership
This is a general partnership type of business where one or more partners
have limited liability. Therefore, the business owner can be protected by
ensuring that they are limited liability partners. This way, they cannot
suffer liability beyond what they have invested in the business. Secondly,
the owners could cover their owner equity and hence transfer such liability
affecting their shareholding in the business to an insurance company (
Miller, & Hollowell, 2018) . The two ways are effective in protecting owners
against liability in general partnerships.
Tinker And Tailor Home Security Services Limited Liability Partnership
In sucha partnership, the liability of the business is limited to the assets of
the business. Therefore, the owners of this business are largely protected
by law from losing their personal properties in lawsuits that relate to the
debts and liabilities incurred by the business ( Kwall, 2015) .
Tinker and Tailor Home Security Services Corporations
This type of business is a corporation. The law recognizes a corporation as
an independent and complete legal entity. Therefore, a corporation can
enter into legally binding agreements or even borrow loans. The liability of
owners of a corporation type of business has limited liability ( Miller, 2012)
. Therefore, by being a shareholder in such a corporation, one is protected
against any liability of the business that may go beyond the assets of the
business.
Personal Business
The business that I intend to own in future is public transport business. I
intend to operate a business that will offer transport service. My preferred
model of this business will be a public corporation. I will seek other
business people and entities interested in this type of business and partner
withthem in the formation of a corporation.
I would prefer to run this business as a corporation for various reasons.
First, a corporation brings together different people with different
experiences and Ideas that are important in building the business (
Schneeman, 2012) . The knowledge and experiences of each shareholder
have great value in contributing to the growth of the business. Secondly,
the liability of shareholders in this type of business is limited ( Miller, &
Hollowell, 2018) . By venturing into this type of business, I will be greatly
protected against any liability that the business may incur and may be
unable to pay. My personal property will not be sold to pay for the liabilities
that the business has encountered. As a shareholder in this business, I will
be highly protected from any liability.
Furthermore, my preference in this model of business is because many
people can bring together huge resources for the business. Consequently,
this model will enable the generation the generation of a high capital base
for the business ( Kwall, 2015) . The capital of the business determines its
success or failure. Therefore, the sufficient capital raised through this
model will be necessary for promoting the business.
Lastly, the management of a corporation is highly effective. In most cases,
the corporation brings together people with different expertise and
experience in management. Moreover, the high capital base in this model
of business makes it possible to hire highly qualified staff in management
positions ( Miller, & Hollowell, 2018) . As such, the efficiency and ease of
management in public corporation is enhanced.
The only drawback in this model of business is the possibility of double
taxation. While the profit generated by the business will be taxed, the
revenue paid to the shareholders as profit is equally taxed under the
income tax model. This results to double taxation ( Schneeman, 2012) .
However, the prospects of higher returns in corporations overshadow the
loss that one may suffer because of double taxation.
References
Kwall, J. L., (2015). The federal income taxation of corporations,
partnerships, limited liability companies and their owners, part one .
University Casebook Series, Foundation Press, 2015. Available at
SSRN: https://ssrn.com/abstract=2686287
Miller, R. L. (2012). Cengage advantage books: Fundamentals of business
law: Summarized Cases . New York, NY: Cengage Learning.
Miller, R. L. & Hollowell W. E. (2018). Business law: Text & exercises. New
York, NY: Cengage Learning
“wae
Schneeman, A. (2012). The law of corporations and other business
organizations . New York, NY: Cengage Learning
