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Question
Under the revised MBCA, if there are business debts following a defective incorporation, liability for the debts will be imposed upon:
A. all purported shareholders who acted as if a corporation had been formed.
B. promoters, managers, or purported shareholders who only participated in management and policy decisions in the business.
C. all shareholders and directors who participated actively or inactively.
D. promoters, managers, and shareholders who participated in management and policy decisions, and also knew of the defective incorporation.
Answer
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