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Legal Underpinning

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Running Head: LEGAL UNDERPINNINGS 1
Legal Underpinnings
Sonia Anderson
Timory Naples
BUS 670
31/8/2017

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LEGAL UNDERPINNINGS 2
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 less formal than a limited liability corporation or an even a corporation. General
partnership in most states it tends to be formed by about two or even more people who have
come together for the purpose of creating a business and to be able to share in the profits and
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

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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 less formal than a limited liability corporation or an even a corporation. General partnership in most states it tends to be formed by about two or even more people who have come together for the purpose of creating a business and to be able to share in the profits and LEGAL UNDERPINNING ...
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