Legal Underpinnings of Business Law
Comparison of my personal liability exposure as an owner because of the lawsuit
From a legal perspective, an entrepreneur and a company are similar in a sole proprietorship. The company is not an individual legal enterprise. As the entrepreneur, I am individually responsible for the company's liabilities and debts. In case I happen to breach an agreement with one of the providers, they can sue me. This will make to be personally liable for breach of contract. My personal assets -- home, car, and individual belongings are likely to be in the risk line in case of a court case. In comparison, the lawful liability as a sole proprietorship to the limited liability provided by other company types like the corporation. A corporation is an independent and a lawful entity unique from its owners. Compared with a sole proprietorship, if an organization is found liable for its activities, the complainants in such a court action can only recover from the company assets, unless an exemption is applicable. While sole proprietorships are not separate legal organizations without limited liabilities, the company's framework offers several advantages (Seaquist, 2010).
Whether I am the complainant proceeding against a sole proprietorship, or my company protecting against a court action, I must consider the services legal counsel. Although a legal counsel will not be required, each lawsuit relies on the facts and conditions at hand. If I am a sole proprietorship protesting a court action, I must search for professional assistance because my personal properties will be at the risk of being confiscated.
How to limit liability exposure as an owner
As an owner, I am charged with a duty of acting with reasonable care at all times in order to avoid harming others through carelessness. The law empowers me to take the precautions that a reasonably prudent business owner is expected to take. This...
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