A shareholder who subscribes to par-value stock before the formation of a corporation: must pay stated value of stock or get sued for breach. must pay current value of stock or get sued for breach. is not liable because the shareholder can revoke the invalid agreement. is not liable because a shareholder is never personally liable.

A shareholder might incur personal liability for corporate obligations if he or she: purchases no-par stock. purchases stock for less than stated value. knowingly receives a dividend from retained earnings. fails in his fiduciary duty to stockholders.

Which of the following shareholders might be liable for back wages to employees of a close corporation that has gone bankrupt? the largest shareholder. the ten largest shareholders. any shareholder owning greater than 10% of the company's shares. all shareholders.

In the question above, the court may justify the determination that the top ten shareholders are liable for the employees' wages because: they are the ones who hired the employees. they are likely to be on the company's board. they are implied to have knowledge of the situation. they are the "deep pockets."

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