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Unformatted text preview: @ P1-1 (similar to) 55 Question Help {1 Liability comparisons Merideth Harper has invested $25,000 in Southwest Development Company. The firm has recently declared bankruptcy and has $60,000 in unpaid debts. Explain the nature of payments, if any, by Ms. Harper in each of the following situations. 3. Southwest Development Company is a sole proprietorship owned by Ms. Harper. b. Southwest Development Company is a 50-50 partnership of Ms. Harper and Christopher Black. c. Southwest Development Company is a corporation. a. If Southwest Development Company is a sole proprietorship owned by Ms. Harper,: (Select the best answer below.) A. Ms. Harper has unlimited liability, which means creditors can only claim against the $25,000 she invested. B. Ms. Harper has limited liability, which guarantees that she cannot lose more than the $25,000 she invested. .9 C. Ms. Harper has unlimited liability, which means creditors can claim against her personal assets. D. Ms. Harper has limited liability, which is the amount of $60,000 in unpaid debts. b. If Southwest Development Company is a 50-50 partnership of Ms. Harper and Christopher Black,: (Select the best answer below.) A. Ms. Harper has unlimited liability, which means creditors can only claim against the $25,000 she invested. B. Ms. Harper has limited liability, which guarantees that she cannot lose more than the $25,000 she invested. C. Ms. Harper has limited liability, which is $30,000, or half of the $60,000 in unpaid debts. J" D. Ms. Harper has unlimited liability, which means creditors can claim against her personal assets. c. If Southwest Development Company is a corporation,: (Select the best answer below.) 3 A. Ms. Harper has limited liability, which guarantees that she cannot lose more than the $25,000 she invested. B. Ms. Harper has unlimited liability, which means creditors can only claim against the $25,000 she invested. C. Ms. Harper has limited liability, which is the amount of $60,000 in unpaid debts. D. Ms. Harper has unlimited liability, which means creditors can claim against her personal assets. ...
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  • Summer '08
  • Cadle,J
  • Business Law, Corporation, Types of companies, Southwest Development Company, Merideth Harper, Liability comparisons Merideth Harper

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