Liability comparisons Nerissa Smith has invested $47,000 in Northeast Productions Company. The firm has recently declared bankruptcy and has $108,000 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

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.