Liability comparisons$$

Nerissa SmithNerissa$$Smith

has invested

$ $47$ comma $000$$$47,000$

in

Northeast ProductionsNortheast$$Productions

Company. The firm has recently declared bankruptcy and has

$ $108$ comma $000$$$108,000$

in unpaid debts. Explain the nature of

NerissaNerissa$\text{'}$s

personal liabilit$,$ if$$any$,$ in each of the following situations.

a$.$

Northeast ProductionsNortheast$$Productions

Company is a sole proprietorship owned by Ms$.$

SmithSmith.

b$.$

Northeast ProductionsNortheast$$Productions

Company is a$50-50$ general partnership of

Nerissa SmithNerissa$$Smith

and

Roger BrownRoger$$Brown$.$

c$.$

Northeast ProductionsNortheast$$Productions

Company is a limited partnership where

Nerissa SmithNerissa$$Smith

is a limited

partner.

d$.$

Northeast ProductionsNortheast$$Productions

Company is a

corporation.