Legal Underpinnings of Business Law Assignment Example | Topics and Well Written Essays - 1000 words

Legal Underpinnings of Business Law - Assignment Example The business does not enjoy a distinguished legal entity from the owner of the business otherwise referred to as the entrepreneur in other professional terms. When the business sustains liabilities and debts, the owner is personally liable. Furthermore, if Tinker’s Home Security Service breaches a pre-agreed contract with one of the associates such as a supplier, then the associate has the legal permission to sue the owner of the business and hold him responsible for gross misconduct. Personal assets of the owner among them land, car, home, and other personal possessions are always at risk in case of a lawsuit. In contrast to Tinker’s Home Security Service, the other forms of business namely; Tinker and Tailor’s Home Security Service, LLC (LLC), Tinker and Tailor’s Home Security Service, Inc (corporation), Tinker and Tailor’s Home Security Service (LP), as well as Tinker and Tailor’s Home Security Service (general partnership) have a spate legal entity different from the owners. As opposed to sole proprietorship, if the court of law of legal authority with oversight roles finds any of them liable for gross misconduct, the plaintiff in the case has limited permission to recover from the assets owned by the business. The case is only different where there are exceptions. However, it is essential to identify that in spite of the limited legal freedoms enjoyed by sole proprietorship, it entails several advantages. The only escape through which the owner of Tinker’s Home Security Services can escape unscathed from a law suit is by seeking for the best legal advice. It is crucial especially when the business is defending itself against a lawsuit by a plaintiff in the case. One of the greatest opportunities is that attorneys are not necessary in such scenarios. The success of the case or the defence depends on the presentation of facts and the prevailing circumstances. Seeking professional assistance by the owner of