Legal Underpinnings of Business Law

Imagine that you own each of the following businesses:

Tinker’s Home Security Service (sole proprietorship)
Tinker & Tailor’s Home Security Service (general partnership)
Tinker & Tailor’s Home Security Service (LP)
Tinker & Tailor’s Home Security Service, Inc. (corporation)
Tinker & Tailor’s Home Security Service, LLC (LLC)

• The businesses are being sued for breach of contract. Create a  matrix that lists each business, and compare and contrast your personal  liability exposure as an owner as a result of the lawsuit.
• For each business entity, analyze how you might limit your liability exposure as an owner.
• Describe a business that you may own some day or that you currently  own. (Even if you never plan to own a business, pretend as if you will  do so for the purposes of this assignment.) Examine the best business  organizational form for the business that you have described, including  in your examination personal liability exposure, management, taxation,  and ease of formation.

Submit a four page paper (not including title and reference  pages). Your paper must be formatted according to APA style as outlined  in the approved APA style guide and you must cite at least three  scholarly sources in addition to the textbook.