Problem
Tthe Following critical elements must be addressed
Milestone Kroger Company
Business Entities Partnerships and Corporations
Assume your company is involved a major lawsuit and the probable damages are estimated to be 2,000,000.
A. Described the effects of the damages estimates would have on the financial statements of the corporation and partnership.
B. How do disclosure requirements differ from a corporation to a partnership and what formation is required?
C. Are the shareholders at risk for any personal liability with the company set up as a corporation? Defined your response.
D. If your company was set up as a partnership, would the partner be at risk for personal liability? Defined your response.