Legal Underpinnings of Business Law

Jessica Shrewsbury

BUS670 Legal Environment

Instructor Gentry

September 15, 2014

Legal Underpinnings of Business Law

Each and every day, businesses are forming and dissolving. During their lifetime, firms all kinds enter into legally-binding contracts such as leases, service and purchase orders, etc. Many of those contracts are intentionally or inadvertently broken, and as a result businesses are quite often sued for breach of contract. Depending on the type of business entity, the owners' liability exposure can be financially devastating. Some business entities, such as corporations, limited partnerships, and limited liability companies, limit the owners' liability while others - sole proprietorships and general partnerships - put the...