Innovations, Inc. is an engineering research and development company with 100 shareholders. The company is currently faced with the dilemma of needing to repay $500,000 to creditors or face bankruptcy. Unfortunately, Lifelong Innovations, Inc. only has enough assets to cover $300,000 of the costs. Which of the following is true regarding this scenario? Lifelong's shareholders' assets cannot be obtained by a creditor. Lifelong's shareholders' assets will be used to cover the company's debts. Lifelong must convert to an LLC. Lifelong will be forced to initiate another round of equity financing