The paper must be two 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.

What is your question about all this?

yes

To compare and contrast your personal liability exposure for the different lawsuits, you can create a chart that outlines the key differences in personal liability for each business organizational form. Here's how to approach it:

1. Create a table/chart:
- Divide the chart into two columns: "Business Organizational Form" and "Personal Liability Exposure."
- List the five businesses mentioned (sole proprietorship, general partnership, LP, corporation, LLC) under the "Business Organizational Form" column.

2. Fill in the "Personal Liability Exposure" column:
- For each business organizational form, describe the extent of personal liability exposure you would face in case of a breach of contract lawsuit.
- Personal liability refers to the extent to which your personal assets are at risk in the event of a lawsuit. Consider factors like personal financial responsibility, potential loss of personal assets, and involvement of personal liability protection mechanisms (if any) for each form.

3. Use specific examples and explanations:
- To provide clarity and depth to your chart, give specific examples of how personal liability exposure would differ for each business organizational form.
- For instance, in a sole proprietorship, you would personally bear all the liability as the sole owner of the business. In a general partnership, liability is shared between partners, whereas in a corporation, shareholders' liability is generally limited to their investment.
- You can also mention any liability protection mechanisms available in certain business forms, such as limited liability protection provided by an LLC or corporation.

For the second part of the assignment, where you need to describe a business you own or plan to own, consider the following steps:

1. Choose a business:
- Select a business that you either currently own or may potentially own in the future. It could be anything from a bakery to a software development company.

2. Evaluate your needs and concerns:
- Consider the type of management structure you prefer, the tax implications you want to manage, the level of personal liability exposure you are comfortable with, and the ease of formation and operation that suits your needs.

3. Research suitable business organizational forms:
- Look into the different types of business organizational forms (sole proprietorship, partnership, corporation, LLC, etc.) and understand their pros and cons.
- Examine how each form affects personal liability exposure, management and decision-making authority, taxation, and the ease of setting up and maintaining the business.

4. Choose the best organizational form:
- Based on your evaluation and research, identify the organizational form that best aligns with your needs and preferences.
- Consider factors such as limited liability protection, management flexibility, tax advantages, and ease of formation and operation.

By following these steps, you can effectively compare and contrast personal liability exposure for different business organizational forms in the first part, and then identify the best organizational form for your chosen business in the second part. Remember to refer to the APA style guidelines for formatting your paper according to the instructions provided.