Legal Underpinning of Law
June 09, 2014
The aim of this paper is to discuss business structure and organization and how liability differs between each organizational form. Society has set standards that govern our interactions with others. In addition, though not often obvious to the naked eye, most businesses have standards that similar to one another in governing their activities and abilities to function continually. The state of origin joined with the type, scope, and form of business ultimately defines the standards by which a business will abide by. Looking at the various levels of responsibility dispersed to proprietors and partnerships aids in laying down the foundation for choosing the most applicable organization form recommended to graphically design and market a business.
It has been said that knowledge is a powerful possession for one to have. Successful business leaders that are armed with advanced levels of knowledge are more equipped to lead businesses to success. Organizational leaders must also possess some aspect of knowledge of business law in the modern world in order to function. “In fact, anyone that embarks on a professional career, whether in medicine, science, government, or accounting, will benefit from knowledge of contracts, real property law, landlord-tenant relationships and other significant legal matters.” (Clarkson & Miller, 2012) The research in this paper is focused on aspects of business law centered on the various levels of liability exposure that business leaders may face from litigation when there is a breach of contract. For the purpose of this research, a fictitious scenario has been created for this paper. The fictitious scenario involves a breach of the contract lawsuit that is directed at Tinker & Tailor Home Security Services and all the business entities established under it. In an effort to identify the various
References: Clarkson, K. & Miller, R. (2012) Business Law: Text and cases: Legal, ethical, global and corporate environment Mason, OH: Cengage Learning Seaquist, G. (2012) Business law for managers San Diego, CA: Bridgepoint Education, Inc. Strauss, S. (2011) Get your business funded: Creative methods for getting the money you need Hoboken, NJ: John Wiley and Sons, Inc. Publishing Strauss, S. (2012) The small business bible (3rd Ed.) Hoboken, NJ: John Wiley and Sons, Inc.