Question: Janice borrowed 100 000 from friends and family to start her
Janice borrowed $100,000 from friends and family to start her company (a sole proprietorship). Business has been poor recently, and Janice has decided to cease operations and liquidate the firm. She expects to obtain $108,000 from selling the assets of the company. How much money will the debt holders receive, and how much will be left for Janice? Would these figures be different if the company had been a corporation?
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