Business Entities—Partnerships and Corporations
Business Entities—Partnerships and Corporations
Business Entities—Partnerships and Corporations
- TAGS
- corporations
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Product Description<br />
<strong>Business</strong> <strong>Entities—Partnerships</strong> <strong>and</strong> <strong>Corporations</strong><br />
Assume Target is involved in a major lawsuit. The probable damages are estimated to be<br />
$2,000,000.<br />
Using Targets financials, please answer the following questions.<br />
A. Describe the effects damage estimates would have on the financial statements of a<br />
corporation <strong>and</strong> a partnership.<br />
B. How do disclosure requirements differ from a corporation to a partnership <strong>and</strong> what<br />
information is required?<br />
C. Are the shareholders at risk for any personal liability with the company set up as a<br />
corporation? Defend your response.<br />
D. If your company was set up as a partnership, would the partners be at risk for personal<br />
liability? Defend your response.