IL Bar Practice Questions - Illinois Bar Examination Exam

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On an MEE Business Associations question, a closely held corporation's controlling shareholder uses corporate assets for personal benefit, harming minority shareholders. Which fiduciary duty does the controlling shareholder owe the minority?

A fiduciary duty of good faith and fair dealing toward minority shareholders No duty, because shareholders owe duties only to themselves A duty only to creditors A duty to maximize the controlling shareholder's own return

Correct Answer:

A fiduciary duty of good faith and fair dealing toward minority shareholders

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