The paper must be two to three pages, excluding title page andreferences page(s), and formatted according to APA style asoutlined in the Ashford Writing Center. Imagine that you own each of the following businesses: Tinker’s Home Security Service (sole proprietorship) Tinker & Tailor’s Home Security Service (generalpartnership) 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 chartthat does not exceed one half of a page, compare and contrast yourpersonal liability exposure as a result of the different lawsuits.In one paragraph, discuss how you might limit your liabilityexposure within each particular business organizational form.
b. After completing the first part of this exercise, describe onebusiness that you may own some day or that you currently own. (Evenif you never plan to own a business, pretend as if you will do sofor the purposes of this assignment. Identify the best businessorganizational form for the type of business that you havedescribed, considering personal liability exposure as well asmanagement, taxation, and ease of formation.