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)
a. The businesses are being sued for breach of contract. In a chart that does not exceed one half of a page, compare and contrast your personal liability exposure as a result of the different lawsuits. In one paragraph, discuss how you might limit your liability exposure within each particular business organizational form.
b. After completing the first part of this exercise, describe one 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. Identify the best business organizational form for the type of business that you have described, considering personal liability exposure as well as management, taxation, and ease of formation.
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