Lorna Has Recently Developed a Software Program Tailored for the Upscale

Lorna has recently developed a software program tailored for the upscale coffee shop industry.Lorna has begun marketing her program and has had some success selling to small independent stores.She is now ready to begin marketing to franchisees of the national chains,with the hope that a franchisor might make the software part of its required franchisee package.Lorna wants to keep the business separate from her personal affairs,so she has set up separate checking accounts,separate phone lines,and has set up a fictitious business name that does not use her name.She has filed a fictitious business name statement in the appropriate state office.She has written a will in which she has declared that in the event of her death,her business and personal assets and liabilities are to be kept separate,just as they were during her life.Her personal checks say,"Lorna Lones,personal account only." Discuss the extent to which Lorna has insulated her personal assets from any business losses.

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Lorna,as the sole owner of a business th...

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