Business, 08.11.2019 20:31 ninigilford

Several years ago, you and a friend started an online home décor retail store. you each invested $30,000 to get the business off the ground. profits were good for the first few years, then you began losing business as other large retail stores began selling online. while sales were dwindling, you kept purchasing inventory in hopes the market would bounce back. it didn’t and now you must close the business. at last check, you owe these suppliers over $75,000; but there is literally $0 in the business bank account. you decide to shut the company down.

for each of the ownership structures below, identify the total personal liability for you and your friend.

sole proprietorship select ($0$30,000$60,000$75,000$100,000) item 1
partnership select ($0$30,000$60,000$75,000$100,000) item 2
llc select ($0$30,000$60,000$75,000$100,000 item 3
corporation select ($0$30,000$60,000$75,000$100,000) item 4

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