BUS 670 ASHFORD UNIVERSITY – 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. ANSWER: Business organization is a group of people who are organized for some charitable or profitable purpose. Business entity is a corporate, commercial or other institution which is formed or administered according to the commercial law so as to engage in business activities which is generally selling of any product or service. In accounting business organization and owners both are separate or distinct from each other. This means that the personal transactions of owner are separately treated from business. In legal system there are various forms of business organizations and they are corporations, cooperatives, sole traders or sole proprietorship, partnership and Limited Liability Company. All vary from each other on the basis of level of control but follows the same principle of separation. Business entities are just like individuals and are subject to taxation and are supposed to file a return but there are some entities which are exempt from federal income tax and they are non-profit charities, Partnership and S corporation. A restaurant is ..... Read more at: https://studentsimple.com/bus-670/bus-670-ashford-university-legal-underpinnings-of-business/

1. BUS 670 ASHFORD
UNIVERSITY – Legal
Underpinnings of
Business Law

2. Imagine that you own each
of the following businesses:

3. 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)

4. 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.

5. 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.

6. 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.

7. ANSWER:

8. O Business organization is a group of people who are
organized for some charitable or profitable purpose.
Business entity is a corporate, commercial or other
institution which is formed or administered according to
the commercial law so as to engage in business activities
which is generally selling of any product or service. In
accounting business organization and owners both are
separate or distinct from each other.
O This means that the personal transactions of owner are
separately treated from business. In legal system there
are various forms of business organizations and they are
corporations, cooperatives, sole traders or sole
proprietorship, partnership and Limited Liability Company.
All vary from each other on the basis of level of control but
follows the same principle of separation.

9. O Business entities are just like individuals and
are subject to taxation and are supposed to
file a return but there are some entities which
are exempt from federal income tax and they
are non-profit charities, Partnership and S
corporation.
O A restaurant is .....
Read more at: https://studentsimple.com/bus-
670/bus-670-ashford-university-legal-
underpinnings-of-business/