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3. Yin-Li has a net worth of $1 million. She started an import/export business, incorporating the business as Golden Imports, Inc. She started the business
3. Yin-Li has a net worth of $1 million. She started an import/export business, incorporating the business as Golden Imports, Inc. She started the business with an equity investment of $1,000. Yin-Li also made a personal loan to Golden Imports, Inc. of $250,000 secured by all of the assets of the business. Golden Imports, Inc. then entered into a contract with Fly-By-Nite Transport Company to deliver merchandise to customers around the United States. Golden Imports, Inc. ran up a bill of $100,000 with Fly-By-Nite Transport Company, but then defaulted on the payment of this bill. Golden Imports has suffered losses over the years and currently has only $50,000 in assets. What is Fly-By-Nite's best argument to recover from Yin-Li personally the amount owed to Fly-By-Nite by Golden Imports? Piercing the corporate veil because of domination and thin capitalization Piercing the corporate veil because of domination and looting Piercing the corporate veil because of domination and corporate losses O Fly-By-Nite is a general creditor and Yin Li is only a secured creditor
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