The liability for punitive damages is limited to __________________ for individual action, and _________________ or 1% of the creditor's net worth in class action.
A. $5,000 & $50,000
B. $7,000 & $150,000
C. $10,000 & $500,000
D. $15,000 & $1,000,000
Answer: C. $10,000 & $500,000
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Which of the following corporate strategies does Lily advocate?
A. concentration B. vertical integration C. related diversification D. unrelated diversification E. price skimming
Hobson, Jones, Carter, and Wolff are medical doctors who have worked together for several years. Their attorney formed a typical professional corporation for them. Which of the following is true?
A. Such a corporation will not be recognized for federal tax purposes. B. The state in which they incorporated must have enacted professional corporation statutes. C. Upon incorporation, the doctor-shareholder is insulated from personal liability beyond his or her capital contribution. D. The majority of states prohibit the formation of professional corporations by physicians.