Tinker & Tailor’s Home Security Service
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)
1. 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.
2. For each business entity, analyze how you might limit your liability
exposure as an owner.
3. 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.
