Assume the football team is set up as a c corporation and that lenny, sarah, and sam are the shareholders. after setting up the corporation, no formalities of the corporation were kept. lenny, sarah and sam all pay most of their personal bills out of corporate bank accounts. the team is sued for negligence because an individual who turned to see the quarterback running naked crashed her car, but the team does not have sufficient funds or insurance to cover the judgment. which of the following is true?
a. lenny, sarah and sam may be personally liable because of the corporation by estoppels doctrine.
b. lenny, sarah and sam may be personally liable because of the ultra vires doctrine.
c. lenny, sarah and sam can never be personally liable because the team is set up as a corporation.
d. lenny, sarah and sam may be personally liable because the plaintiff may be able to pierce the corporate veil.

Which of the following pairs is most similar to each other?

The board of directors is the highest ranking body in a corporation, and the chairman of the board is the highest ranking individual. the ceo generally works under the board and its chairman, and the board generally has the authority to remove the ceo under certain conditions. the ceo, however, cannot remove the board, but he or she can endeavor to have the board voted out and a new board voted in should a conflict arise. it is possible for a person to simultaneously serve as ceo and chairman of the board, though many corporate control experts believe it is bad to vest both offices in the same person. true false

James albemarle created a trust fund at the beginning of 2016. the income from this fund will go to his son edward. when edward reaches the age of 25, the principal of the fund will be conveyed to united charities of cleveland. mr. albemarle specified that 75 percent of trustee fees are to be paid from principal. terry jones, cpa, is the trustee. james albemarle transferred cash of $500,000, stocks worth $400,000, and rental property valued at $250,000 to the trustee of this fund. immediately invested cash of $360,000 in bonds issued by the u. s. government. commissions of $7,900 are paid on this transaction. incurred permanent repairs of $9,000 so that the property can be rented. payment is made immediately. received dividends of $8,000. of this amount, $3,000 had been declared prior to the creation of the trust fund. paid insurance expense of $4,000 on the rental property. received rental income of $10,000. paid $8,000 from the trust for trustee services rendered. conveyed cash of $7,000 to edward albemarle.