Sea Green Enterprises reports the following assets and liabilities on its balance sheet.

	Net Book Value			Fair Market Value
Assets	$950,000			$1,425,000
Liabilities	285,000			285,000

Sea Green just lost a product liability lawsuit, with damages of $14,250,000 being awarded to the plaintiff. Although Sea Green will appeal the judgment, legal counsel indicates the judgment is highly unlikely to be overturned by the appellate court. The product liability insurance carried by Sea Green has a policy ceiling of $8,550,000.

Assume any net assets of the company will be used to reduce the judgment.

What is the amount of liability of Sea Green Enterprises and its owners if the business entity is a sole proprietorship, a partnership, a C corporation, and an S corporation?

If an amount is zero, enter "0".

a. If the form of the business entity is a sole proprietorship, the owner is ultimately liable for $_____________.

b. If the form of the business entity is a partnership, the partnership and the general partners are ultimately liable for $______________________.

c. If the form of the business entity is an LLC, legal liability for its debts ___________(Is limited to its assets or are not) Therefore, the members of the LLC (have or have no) personal liability for the $________________.

d. If the form of the business entity is a C corporation, the C corporation has limited liability of $_______________. The plaintiff $______________(will share with the other creditors with respect to claims against the assets or can sue the shareholder for any unpaid Liability) . The shareholders of the C corporation _________(have or Have no personal liability) for the remaining corporate debts.

e. If the form of the business entity is an S corporation, the S corporation and its shareholders are treated like _________ (a C corporation in part C or a partnership in part B)