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 is being sued for breach of contract that is 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 someday 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.

Required Resources

Text

Seaquist, G. (2012).Business law for managers.Retrieved from https://content.uagc.edu/

• Chapter 1: The Civil Law and Common Law Traditions
• Chapter 28: Sole Proprietorships and Partnerships
• Chapter 29: Limited Partnerships
• Chapter 30: Corporations
• Appendix A: The Constitution of the United States of America

Article

Taulli, T. (2016, July 24)When to form an LLC (Limited liability company)(Links to an external site.)

https://www.forbes.com/sites/tomtaulli/2016/07/24/when-to-form-an-llc-limited-liability-company/?sh=61a38c904e0d

Recommended Resources

Text

Seaquist, G. (2012).Business law for managers.Retrieved from https://content.uagc.edu/

• Chapter 2: Beginning a Civil Lawsuit
• Chapter 3: Completing the Civil Lawsuit and Alternative Dispute Resolution
• Appendix C: Timeline of Major Modern Legal Developments That Affect Modern Businesses

Website

FindLaw(Links to an external site.)

. (http://www.findlaw.com)