The paper should be two to three pages comprising title page and reference pages, and formatted according to APA style as explained in Ashford Writing Center.
Reply all parts of following questions:
Suppose that you own each of 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)
a. Businesses are being sued for breach of contract. In the chart which doesn’t exceed one-half of a page, distinguish your personal liability exposure as the result of different lawsuits. In one paragraph, explain how you might limit liability exposure in each particular business organizational form.
b. After completing first part of this exercise, explain one business which you may own some day or that you presently own. (Even if you never plan to own business, pretend as if you will do so for purposes of assignment. Recognize best business organizational form for type of business which you have described, considering personal liability exposure also management, taxation, and ease of formation.
