Alice, a partner in a biotech firm, knows that the partnership is looking to rent a new office and lab space. She knows of a building, in an ideal location, suitable for the firm. Alice decides that the building would be a good personal investment (as it is undervalued) so she buys it for herself. She sells the building to a bakery for a nice profit. Alice: Has violated her fiduciary duty to her partners Has done nothing wrong Has shown poor judgement but would be protected under the business judgment rule None of the above Question 7 1 pts Jack and Meg decide to form an LP and perform all the necessary tasks for proper formation with the state. Meg is to act as GP of the firm and is to make all business decisions. Jack, as the money man, will act as the LP and provide funding for the firm. Jack, increasingly angered by Meg's poor business decisions, begins to base his continued contribution of funds to the LP on whether Meg accepts Jack's suggestions. Over time, Jack himself begins to source deals and make decisions about the management of the firm. Jack is now: A limited partner with limited liability A general partner with full liability A general partner with limited liability A limited partner with full liability Alice, a partner in a biotech firm, knows that the partnership is looking to rent a new office and lab space. She knows of a building, in an ideal location, suitable for the firm. Alice decides that the building would be a good personal investment (as it is undervalued) so she buys it for herself. She sells the building to a bakery for a nice profit. Alice: Has violated her fiduciary duty to her partners Has done nothing wrong Has shown poor judgement but would be protected under the business judgment rule None of the above Question 7 1 pts Jack and Meg decide to form an LP and perform all the necessary tasks for proper formation with the state. Meg is to act as GP of the firm and is to make all business decisions. Jack, as the money man, will act as the LP and provide funding for the firm. Jack, increasingly angered by Meg's poor business decisions, begins to base his continued contribution of funds to the LP on whether Meg accepts Jack's suggestions. Over time, Jack himself begins to source deals and make decisions about the management of the firm. Jack is now: A limited partner with limited liability A general partner with full liability A general partner with limited liability A limited partner with full liability