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Question
Katie Kuric is the only shareholder, director, and officer of two corporations, Multimedia Corporation and Kuric Network Television Corporation (KNT). Multimedia produces television shows and movies. KNT broadcasts television programming over the air and on cable. KNT purchases much of its TV programs and movies from Multimedia. KNT often pays Multimedia for the TV shows and movies more than a year after payment is due, without being required to pay interest or a late payment penalty. What risk is Katie taking by allowing KNT to pay Multimedia late?
A. None, because KNT and Multimedia are separate and distinct legal entities.
B. None, because only Multimedia is harmed by this arrangement, and Katie owns both corporations.
C. KNT's veil will be pierced because KNT is evading an obligation with Multimedia.
D. KNT's veil will be pierced because Multimedia's creditors are being defrauded.
Answer
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