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Cow-a-bunga Corp. wants to raise money for its business. Rather than sell stock, the company sells cows. Each person who buys a cow gets a

Cow-a-bunga Corp. wants to raise money for its business. Rather than sell stock, the company sells cows. Each person who buys a cow gets a cow adoption certificate with a picture of their cow and information about the cow (like name, hay preferences, etc.). Cow-a-bunga keeps the cows at its dairy, milks the cows, sells the milk, makes ice cream, sells the ice cream, etc. At the end of the year each of the "cow owners" (those with cow adoption certificates) get a share of the profits of Cow-a-bunga. The Cow-a-bunga cows

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are probably securities.

are not securities (hello, they are cows).

constitute limited partnership assets.

could not be subject to a shareholder derivative suit absent veil piercing.

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