ASHFORD BUS 670 Week 1 Legal Underpinnings of Business Law
Legal Underpinnings of Business Law. The paper must be two to three pages, excluding title page and references page(s), and formatted according to APA style as outlined 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 (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.
Breach of contract is when a business contract creates an obligation that is to be full filled by people or companies that enter into an agreement. By law a party’s failure to complete the bargain which is under contract is known as a breach of contract. With regard to the specifics of the contract a breach can happen when a party fails to perform on time or does not perform at all according to the terms of the agreement. Breach of contract is categorized as material or immaterial to determine the appropriate legal solution or remedy for the breach (Retures 2012).