I. Business EntitiesPartnerships and Corporations Assume your company is involved in a major lawsuit. The probable damages are estimated to be $2,000,000. A. Describe the effects damage estimates would have on the nancial statements of a corporation and a partnership. B. How do disclosure requirements differ from a corporation to a partnership and what information is required? C. Are the shareholders at risk for any personal liability with the company set up as a corporation? Defend your response. D. If your company was set up as a partnership, would the partners be at risk for personal liability? Defend your response