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Question
A promoter:
A. may have liability on the contracts he negotiates on behalf of the prospective corporation.
B. does not hold any liability to third parties on preincorporation contracts.
C. automatically becomes one of the initial directors of the corporation.
D. is not liable on a preincorporation contract after the corporation's adoption of the contract.
Answer
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C. $20,000 fine and five years' imprisonment.
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Q:
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C. A securities broker who provides investment advice to retail investors.
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