8. What is meant by the phrase were the corporate vell and under circumstances will that occur? Directors owe a duty of loyalty to the corporation. What types of action constitute a breach of that duty? 10. Identify three differences between stocks and bonds. 11. Bruno wants to start a business hauling hazardous waste to recycling facilities for manufacturing plants. He asks you about the potential risks involved in this enterprise and how he should organize his business to protect him from such risks. (a) explain the risks; (b) briefly describe the advantages and disadvantages of three possible business forms he could use and (c) advise him what to do. 12. Why did the Securities and Exchange Commission decide to replace GAAP and GAAS with the International Financial Reporting Standards? 13. What factors must be present in order for the business judgment rule to apply