Under the Model Business Corporation Act (MBCA), which of the following best describes the business judgment rule?
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A
Directors are personally liable for any business decision that results in a loss to the corporation
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B
Directors are protected from liability for business decisions made in good faith, on an informed basis, and in the honest belief the action is in the corporation's best interest
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C
Directors must obtain shareholder approval for all major business decisions
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D
Directors are immune from any liability regardless of how decisions are made