There has been a breach of contract for the Tinker’s Home Security Service and the Tinker & Tailor’s Home Security Service.The matrix chart, I have included will help will compare and contrast the personal liability exposure as an owner In each of these business entities, such as, a sole proprietorship, general and limited partnership, corporation and limited liability corporation, I will analyze how I might limit my liability as a business owner.. I will also examine the business I plan to own one day. I will look at the best business organizational form for my company, as well as looking at the personal liability exposure, management, taxation and ease of formation. Learning the underpinning or foundation of business law will help us as owners to learn to avoid legal action as a result of unforeseen mishap. Because the business is has inquired a lawsuit for breach of contract, I have includeda matrix chart to compare and contrast the personal liability as an owner. We will be able to recognize the lawsuits as a result of the expose of the company. Name of Business Type of Business Liable for Debts Tinker’s Home Security Service sole proprietorship Sole proprietor has unlimited liability. Tinker & Tailor’s Home Security Service general partnership Partners have unlimited liability Tinker & Tailor’s Home Security Service limited partnership (LP) At least one general partner has unlimited liability Tinker & Tailor’s Home Security Service , Inc corporation Shareholders aren’t typically responsible for the debts of the corporation Tinker & Tailor’s Home Security Service , LLC limited liability company LLC Members aren’t typically liable for the debts of the LLC (Compare business structures , 2015) The Tinker’s Home Secur... ... middle of paper ... ...o this whole process is knowledge. REFERENCES Compare business structures . (2015). Retrieved May 18, 2015, from Business Licensing Service: http://bls.dor.wa.gov/comparestructures.aspx Duhaime, L. (n.d.). Breach of Contract Definition. Retrieved May 18, 2015, from Duhaime 's Law Dictionary: http://www.duhaime.org/LegalDictionary/B/BreachofContract.aspx How to Form an LLC. (2015). Retrieved May 19, 2015, from CompaniesIncorporated: http://www.companiesinc.com/llc/howto.asp Lenckus, D. (2011, October 2). Most event planners lack liability coverage, despite exposures. Retrieved May 18, 2011, from Business Insurance: http://www.businessinsurance.com/article/20111002/NEWS05/310029996 Rath, T. (n.d.). Consider the Tax Implications of an LLC Before You Create. Retrieved May 2015, from about money: http://sbinformation.about.com/od/ownership1/a/llctax.htm
Critical Element IA A contingent liability is a liability account used by partnerships and corporations to classify pending losses from uncertain occurrences like damage estimates from potential lawsuits for example. Partnerships and corporations report their respective contingent liabilities based on the passing of two vital criteria: (1) determining the likelihood that the estimates owed will reach imminence and (2) whether or not the amount of the contingent liability is estimable. Financial reporting of contingent liabilities is further broken down into three levels (low, medium, and high) that designate the probability of the contingent liability actually occurring. After designating the level of probability to the contingent liability,
The engineer breached the duty of care through failing his/her duty to warn by providing insufficient warning on the limitation of the application. His/her software application caused the structural firm to designed a defective bridge and was the direct cause of many deaths. The junior engineer should be held liable for his/her product due to the principle known as product liability. This is evident in the case study because deaths and injuries due to defective product as a result of the software were foreseeable. Looking at the 1971 case of Lambert v. Lastoplex Chemicals Co. Limited et al., the manufacturers must not only instruct the user how to properly use the products but also warn the user the consequences of misuse []. This precedent case proves that the engineer failed to warn the structural firm of the limitation of the application as well as failed to warn the consequences of using the application beyond its capabilities. However, the information technology firm may be held vicariously liable for the mistake of the junior engineer as he/she developed the software application during his/her employment. The reason being the employer generally has deeper pocket than the employee [] and the collapse was a result of the junior engineer developing the application under the authority of the employer. Thus, the junior engineer is one of the tortfeasor to which the information firm maybe vicariously liable for his/her
Liability in restitution with disgorgement of profit is an alternative to liability for contract damages measured by injury to the promisee.” (2011)
Today, the United States is the fifth largest country in the world, with over 294 Embassies and Consulates around the world our influence is quite significant. Ancient Rome contained about 20% of the world’s population of the time; it is remembered as the greatest empire in history, with ties all over the eastern hemisphere from Britain, to Egypt, to all the way to China. Ancient Rome as we know contributed significantly to modern society and is not without influence on us here in the United States. Rome’s influences included aspects ranging from their public benefits, to their use of glass, to their use of concrete, to their administration system. But, there are three influences of Ancient Rome that still reverberate through time and still have an incredible impact in our society. The first influence that Rome gave us would be their form of government, specifically their Republic Era that lasted nearly five hundred years. Ancient Rome also gifted us with the idea of benefits for those who can’t provide for themselves. Furthermore, from Ancient Rome we got the idea of providing public services that are funded with tax dollars.
"A contract is a legally enforceable promise or set of promises. In other words, when promises have the status of contract, the contracting party harmed by a breach of the contract is entitled to obtain legal remedies against the breaching party" (Mallor et al., 2015, p. 320)
We may become subject to product liability claims, which could harm our financial condition and liquidity if we are not able to successfully defend or insure against such
Insurance is a very important part of modern life and business. In this paper I will discuss the basic concepts of insurance, claims-made and occurrence liability policies, factors for selecting an insurance company and policies, and the difference between workers compensation and liability insurance.
2,000 years prior, the world was ruled by Rome. From England to Africa and from Syria to Spain, one in each four individuals on earth lived and passed on under Roman law. This Empire in the main century AD blended refinement with ruthlessness and could abruptly stagger from development, quality and energy to dread, oppression and eagerness. Romans had attributes that set them apart from each other set gathering of antiquated individuals. The Romans were viewed as a more propelled civilization, and are altogether known for their lovely architecture and art. Its society impacted the development of western human progress and its commitment was through its radiant state and domain. Ancient Rome impacted western development to an exceptionally
Describe tort law and the types of damages in a tort lawsuit. Provide two examples of tort damages in the business environment.
Media usage and its influence are one of the reasons of decline in moral values. Like people of Rome spent their time watching plays and bloody games, an average American spends many hours a day using media. According to Nielsen's Total Audience Report, Americans aged 18 and older spend more than 11 hours a day using media devices. Although media usage has advantages, it also has negative effects. Because of advanced media technology, people are able to find information about almost anything, but they are also easily
First off let’s compare the similarities between the civilizations of Ancient Rome and the modern day U.S. My first thought when thinking about comparisons was their money management. One reason I thought of money management was because both civilizations spend money on unreasonable things, other than spending money on things to improve the civilization. Rome spent money on ridiculous things, such as, engineering and building the biggest castle that
In today’s media it is almost impossible to find a show that does not contain some sort of explicit sexual material. Over 70% of television shows include some sort of sexual content (http://lubbockonline.com/stories/111005/nat_111005043.shtml). Adolescents are starting to engage in sexual activities at earlier ages and they do not understand that the media does not accurately portray the risks and dangers associated with having sex. With this adolescents are also becoming more interested and curious to learn about sex and their bodies. The rise of access to the internet and ease of access to pornographic videos at home has been linked to the decline in sexual crimes (http://mises.org/daily/3080). With all of the positives and negative linked to sex and the media it is extremely hard to decide whether it is good or bad for society.
Lisa’s insurance broker did not make sure she had the proper coverage to reduce her liability if something were to happen to the art gallery. Lisa’s insurance broker, Homer, broke his fiduciary duty to Lisa by not ensuring she had the proper coverage she needed; given that Lisa was responsible for the safekeeping of the artwork that was on consignment. Homer should have taken into consideration that nearly all her inventory, which was on consignment, would not be insured if a fire occurred. Nonetheless, Homer reassured Lisa that she was “well covered” with her policy when she should have had a policy where she would be covered for losses to artwork on consignment as well as fires that didn’t originate on her building
Breach of a contract – failure or refuse to perform than the contract has been breach than the other party has the right to terminate the contract.
The job of an event planner is much more than hanging up streamers, laying table clothes down and checking the quality of the lights. Event planning requires tedious work and strenuous planning. Also called meeting and convention planners, they do everything involved with making sure these events go as anticipated. This includes, working with the client to choose a fabulous and affordable location, hiring quality caterers, selecting perfect entertainment, and even arranging lodging and transportation for attendees who are visiting from afar (McKay). The goal of an event planner is to make sure the event runs very much as anticipated, which includes multiple plans to combat what-if scenario, because no event will ever run exactly as planned.