a. Sole proprietorship: In case of sole proprietorship, the liability of proprietor is unlimited. So, Merideth will be liable to pa
excess debt of $35,000 from her personal properties.
b. 50-50 partnership: In case of 50-50 partnership with Ms.Harper and Christopher Black, the liabilities of partners are unli
As this is not the case of partnership with limited liability, so Merideth will be liable to the outstanding debts of $35K from
c. Corporation: In case of corporation, the liabilities of stockholders are limited only to the extent of their investment. So
Merideth will be liable to the debt holders only to the extent of $25K. The rest of the amount of debts ($35K) cannot be
recovered from her personal assets.