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Jack Thomson is a partner in East Hills Development Company, a residential real estate venture that specializes in building upscale neighborhoods. As a founding limited

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Jack Thomson is a partner in East Hills Development Company, a residential real estate venture that specializes in building upscale neighborhoods. As a founding limited partner, Jack contributed $2 million of his own funds. Last year East Hills raised $10 million in debt to finance the beginnings of a new 100-home development. Since then, the economy has entered into a recession and East Hills cash flow has plummeted, putting East Hills at serious risk of bankruptcy. Select all that accurately describe the situation. If East Hills is unable to make its debt payments, creditors may seize Jack's personal assets. O) Even if East Hills does not survive the recession, Jack will never be liable for more than his original investment of $2 million. O Jack is subject to double taxation both at the company-level and the personal-level. ( Jack is not highly involved in the day-to-day operations of the company

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