Question 23, P1-1 (similar to) Part 1 of 4 Liability comparisons Nerissa Smith has invested $25,000 in Northeast Productions Company. The firm has recently declared bankruptcy and has $60,000 in...

Extracted text: Question 23, P1-1 (similar to) Part 1 of 4 Liability comparisons Nerissa Smith has invested $25,000 in Northeast Productions Company. The firm has recently declared bankruptcy and has $60,000 in unpaid debts. Explain the nature of Nerissa's personal liabilit , if any, in each of the following situations. a. Northeast Productions Company is a sole proprietorship owned by Ms. Smith. b. Northeast Productions Company is a 50-50 general partnership of Nerissa Smith and Roger Brown. c. Northeast Productions Company is a limited partnership where Nerissa Smith is a limited partner. d. Northeast Productions Company is a corporation. a. If Northeast Productions Company is a sole proprietorship owned by Ms. Smith,: (Select the best answer below.) O A. Ms. Smith has unlimited liability, which means creditors can only claim against the $25,000 she invested. O B. Ms. Smith has unlimited liability, which means creditors can claim against her personal assets. O C. Ms. Smith has limited liability, which is the amount of $60,000 in unpaid debts. D. Ms. Smith has limited liability, which guarantees that she cannot lose more than the $25,000 she invested.