Imagine that you own each of the following businesses: Tinkers Home Security Service (sole proprietorship) Tinker & Tailors Home Security Service (general partnership) Tinker & Tailors Home Security Service (LP) Tinker & Tailors Home Security Service, Inc. (corporation) Tinker & Tailors 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.