Question: P 1 - 1 Liability comparisons Nerissa Smith has invested $ 4 7 , 0 0 0 in Northeast Productions Company. The firm has recently

P1-1 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 liability, if any, in each of the following situations.
a. Northeast Production Company is a sole proprietorship owned by Ms. Smith.
b. Northeast Production Company is a 50-50 general partnership of Nerissa Smith and Roger Brown.
P 1 - 1 Liability comparisons Nerissa Smith has

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