reate a matrix that lists each business, and compare and contrast your personal liability exposure as an owner as a result of the lawsuit.

Week 1 – Discussion 2

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Your initial discussion thread is due on Day 5 (Saturday) and you have until Day 7 (Monday) to respond to your classmates. Your grade will reflect both the quality of your initial post and the depth of your responses. Refer to the Discussion Forum Grading Rubric under the Settings icon above for guidance on how your discussion will be evaluated.

Limited Liability Companies

When to form an LLC (Limited Liability Company) (Links to an external site.)Links to an external site. discusses why the LLC is one of the most popular types of business entity.  After reading the article and Chapter 30 of the textbook, compare an LLC with a C corporation and with an S corporation.  If you were operating your own business, would you choose the LLC as the organizational form for your business?  Explain your reasoning.

 

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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