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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. a) Explain
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.
a) Explain the nature of Nerissas personal liability, if any, in each of the following situations.
I. Northeast Productions Company is a 50-50 general partnership of Nerissa Smith and Roger Brown.
II. Northeast Productions Company is a limited partnership where Nerissa Smith is a limited partner.
b) Provide advantages and disadvantages for each form of organization.
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