Prepare a Word document that addresses the critical elements below. Make sure to answer each question in a substantive way and defend the content with at least one scholarly source.
Specifically, the following critical elements must be addressed:
Assume WALMART is involved in a major lawsuit and the probable damages are estimated to be $2,000,000.
A. Describe the effects damage estimates would have on the financial statements of a corporation and a partnership.
B. How do disclosure requirements differ from a corporation to a partnership and what information is required?
C. Are the shareholders at risk for any personal liability with the company set up as a corporation? Defend your response.
D. If your company was set up as a partnership, would the partners be at risk for personal liability? Defend your response.
Guidelines for Submission: Your paper must be submitted as a 2- to 3-page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins. You should use at least one outside source other than the textbook. Sources should be cited according to APA style.
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