Sea Green Enterprises reports the following assets and liabilities on its balance sheet.
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Sea Green has just lost a product liability suit, with damages of $10,000,000 being awarded to the plaintiff. Although Sea Green will appeal the judgment, legal counsel indicates the judgment is highly unlikely to be overturned by the appellate court. The product liability insurance carried by Sea Green includes a payout ceiling of $6,000,000.
For how much of the judgment is the entity and its owners liable if Sea Green is a sole proprietorship, a partnership, a C corporation, and an S corporation?
If an amount is zero, enter “0”.
c. If the form of the business entity is a C corporation, the C corporation is ultimately liable for $
d. If the form of the business entity is an S corporation, the S corporation is ultimately liable for $
I cant figure out c&d.
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