5. In the Idaho case, in the readings, the court held the officers and directors personally liable for the company debts and applied the doctrine of "piercing the corporate veil" ?

Group of answer choices

True

False

6. In our discussions of which form of business association to choose we centered around liability and formality. In those discussions we concluded the best form of business entity to choose to avoid personal liability for the business debts was a general partnership?

Group of answer choices

True

False

7. In the Chiarella v US the reason the court did not hold him in violation of Insider Trading was because he did not meet the test to be an

Group of answer choices

a bank official

he lacked standing

insider

an officer

8. John is a member of the ABC Corporation board of directors. ABC trades it's stock on the NYSE and is subject to all the legal requirements of the Securities and Exchange Law. At the last Board meeting, the SEC document required to be filed (indicating the financial posture and other aspects of ABC corporation to induce people to buy ABC shares of stock) seem to have several errors. John questioned the CEO, COO and the Financial Vice President about those errors. They all told John they are minor and we need to get this to the Securities and Exchange Commission to be published so we can raise capital from share holder purchases. John is very uneasy about this and based upon your understanding of the Bar Chris case and John's potential exposure you would advise John to

Group of answer choices

send the board Chair a letter

resign from the board

call his accountant

not worry