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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. 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.) O A. Ms. Smith has limited liability, which is the amount of $108,000 in unpaid debts. O B. Ms. Smith has lost her 547,000 investment and has unlimited personal liability, so she is also liable for the firm's $108,000 in unpaid debts. OC. Ms. Smith has limited liability, which guarantees that she cannot lose more than the $47,000 she invested. OD. Ms. Smith has unlimited liability, which means creditors can only claim against the $47,000 she invested. b. If Northeast Productions Company is a 50-50 partnership of Nerissa Smith and Roger Brown,: (Select the best answer below.) O A. Ms. Smith has lost her $47,000 investment and shares unlimited liability with her partner. Initially, Ms. Smith is liable for $54,000 (50% of total unpaid debts). But if her partner cannot cover half the debt, Ms. Smith is liable for the full amount. O B. Ms. Smith has limited liability, which guarantees that she cannot lose more than the $47,000 she invested. O C. Ms. Smith has unlimited liability, which means creditors can only claim against the $47,000 she invested. OD. Ms. Smith has limited liability, which is $54,000, or half of the $108,000 in unpaid debts. c. If Northeast Productions Company is a limited partnership where Nerissa Smith is a limited partner,: (Select the best answer below.) O A. Ms. Smith has unlimited liability which means creditors can claim against the $47,000 she invested as well as her other personal assets. O B. Ms. Smith has unlimited liability, which means creditors can claim against her personal assets. OC. Ms. Smith has unlimited liability which means that creditors can only claim against her personal assets. OD. Ms. Smith has lost her 547,000 investment, but she has limited liability, so she is not personally liable for the firm's $108,000 in unpaid debts. d. If Northeast Productions Company is a corporation: (Select the best answer below.) O A. Ms. Smith has unlimited liability, which means creditors can claim against her personal assets. O B. Ms. Smith has limited liability, which guarantees that she cannot lose more than the $47,000 she invested and is not liable for the firm's $108,000 in unpaid debts. OC. Ms. Smith has limited liability, which is the amount of $108,000 in unpaid debts. OD. Ms. Smith has unlimited liability, which means creditors can only claim against the $47,000 she invested
