Solution
Sarabjeet answered on
Jan 30 2021
Business
Business Law
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Introduction
Some people say that information and knowledge is power. A very successful business leader with a higher level of information is better suited to lead companies to attain positive results. Organizational leaders and managers must also have the business law knowledge to play a significant role in the modernized world. In reality, anyone who has an occupation in medicine, government, science, and accounting will advantage from the information of contract, real estate law, landlord and tenant relationship, and other important legal matter. At the heart of this research is an aspect of company law that mostly focuses on diverse stages of liability risk that the business leader face when litigating (Clarkson & Miller, 2012) For this study, we created a fictional scenario for the case study. It may involve a
each of the contract litigation for all commercial entities establish under a name of Tinker & Tailor Home Security Services (Seaquist 2012). To determine the several levels of the accountability risk, the study will comprise a short analysis of the following business forms established by Tinker & Tailor Home Safety or Security Services: (a) sole proprietorships, (b) limited and general partnerships, (c) corporations and Limited Liability Company (LLC). Additionally, a chart is included in providing a short overview of various personal liability risks compared and contrasted. The results of this study will infer that owner who understands the foundations of business rule are superior ability to lead the business to success moreover ignore litigation that could lead to catastrophic consequences.
Breach of Contract Case Study
Tinker’s Home Security Service (sole proprietorship)
As a single proprietorship, the Tinker's Home safety Service is the business association owned as well as operated by individuals. It does not involve complex filing processes that start operations related to other business structures, such as companies. Such business permits the owner and operator to a report the business expenses and income of their entity tax return. Since I am entitled to each profit, the company offers a lucrative deal, as an owner, and it is relatively simple to get started. On another hand, a sole proprietorship may be at risk because there is the no separation among the owner and business. If the situation changes, it is simple to change the legal structure of the business. Because of customer
each of the contract litigation, this is an analysis of my responsibility as a business owner (Strauss S, 2012). Unlike a restricted liability company or company, if sole proprietorship loses litigation, it is likely to find itself in a debt dilemma. Companies are not only responsible for the debt, but also for owners or sole proprietors. Reducing personal responsibility as the owner primarily recognizes that the business is vulnerable to litigation or susceptible to litigation, as most of the time comes from preventable and predictable situations.
Tinker & Tailor’s Home Security Service (general partnership)
A common partnership is the simplest...