Financial Accounting Standards Board

I. Business Entities—Partnerships and CorporationsAssume your company (AMAZON) 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. Support your answer.B. How do disclosure requirements differ from a corporation to a partnership, and what information is required? Support your answer.C. Are the shareholders at risk for any personal liability with the company set up as a corporation? Defend your response and support your answer.D. If your company was set up as a partnership, would the partners be at risk for personal liability? Defend your response and support your answer.