Liability comparisons Nerissa Smith has invested $25,000 in Northeast Productions Company. The firm has recently declared bankruptcy and has $60,000 in unpaid debts. Explain the nature of Nerissa's personal liabilit, if any, in each of the following situations. a. Northeast Productions Company is a sole proprietorship owned by Ms. Smith. b. Northeast Productions Company is a 50-50 general partnership of Nerissa Smith and Roger Brown. c. Northeast Productions Company is a limited partnership where Nerissa Smith is a limited partner. d. Northeast Productions Company is a corporation. a. If Northeast Productions Company is a sole proprietorship owned by Ms. Smith,: (Select the best answer below.) A. Ms. Smith has unlimited liability, which means creditors can only claim against the $25,000 she invested. B. Ms. Smith has limited liability, which is the amount of $60,000 in unpaid debts. C. Ms. Smith has unlimited liability, which means creditors can claim against her personal assets. OD. Ms. Smith has limited liability, which guarantees that she cannot lose more than the $25,000 she invested.