Assume Amazon is involved in a major lawsuit and the probabledamages are estimated to be $2,000,000. A. Describe the effectsdamage estimates would have on the financial statements of acorporation and a partnership. B. How do disclosure requirementsdiffer from a corporation to a partnership and what information isrequired? C. Are the shareholders at risk for any personalliability with the company set up as a corporation? Defend yourresponse. D. If your company was set up as a partnership, would thepartners be at risk for personal liability? Defend yourresponse.
