According to the Statutory Close Corporation Supplement to the MBCA,who does a shareholder have a fiduciary responsibility to?

A) To all the other shareholders of the corporation
B) To the Secretary of State
C) To individual citizens in the state the corporation is incorporated
D) To the CEO of the corporation

Statutory Close Corporation

A type of corporation characterized by a limited number of shareholders, less formal operating and corporate governance structures, and restrictions on the transfer of shares, as defined by statute.

MBCA

Stands for the Model Business Corporation Act, which provides a template for state laws regulating corporations.

Fiduciary Responsibility

The duty of an individual or organization to act in the best interests of another party, particularly in managing assets or making financial decisions.