WK 1 New Assignment

Legal Underpinnings of Business Law

Imagine that you own each of the following businesses:

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

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

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

Text Book:

Seaquist, G. (2012). Business law for managers [Electronic version]. Retrieved from https://content.ashford.edu/