Josh Is a Sole Proprietor of an Ice Cream Shop

Multiple Choice

Josh is a sole proprietor of an ice cream shop. Regina, a customer, slips and fall on some melted mint chocolate chip ice cream on the floor and breaks her leg. Regina files suit and wins a judgment of $50,000. Josh does not have any insurance and the total value of the assets of the ice cream shop is $10,000. Which statement below is correct?

A) Josh will only have to give Regina the money from the assets of the business, $10,000.
B) Josh will not be required to pay anything because he does not have insurance.
C) Josh will have to pay $10,000 and then set up a payment plan to pay off the balance.
D) Josh will have to use his own personal assets to pay the remainder of the judgment.