Legal Underpinnings of Business Law



Legal Underpinnings of Business Law

Answer # 1

Tinker's Home Security Service (sole proprietorship): As a sole proprietor, I would be fully liable in the suit. The plaintiff could come after the business and my personal assets.

Tinker & Tailor's Home Security Service (general partnership): In a general partnership all partners would be liable, even if they did not personally cause the issue. Like a proprietorship, this includes personal assets, also.

Tinker & Tailor's Home Security Service (LP): In a limited partnership only the general partner is fully liable.

Tinker & Tailor's Home Security Service, Inc. (corporation): In ...