Bus670 wk1 Legal Underpinnings of Business Law, management homework help

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Business Finance

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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.

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Explanation & Answer

Attached.

Running Head: LEGAL UNDERPINNINGS

1

Legal Underpinnings
Sonia Anderson
Timory Naples
BUS 670
31/8/2017

LEGAL UNDERPINNINGS

2

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

LLCS

Tinker’s Home Security Service as a Sole proprietorship, I will operate it individually
under my own name. It is legal structure very common and popular for the small business
owners because is very simple starting it. One is able to start a sole proprietorship without any
state filing or formal documentation (Balotti & Finkelstein, 2008).
Personal liability is the major disadvantage with the sole proprietorship because their
personal assets are usually not protected from the debts or any lawsuit that will arise from the
actual company’s operations. Whenever a sole proprietorship gets sued, its owner is the one who
will personally be named as the defendant in the actual lawsuit.
Tinker & Tailor’s Home Security Service as General partnership and as LP is business
structure that is l...


Anonymous
Just what I was looking for! Super helpful.

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