Corporations creditors sue brian personally

Assignment Help Business Economics

Reference no: EM13997309

Brian is the 99% shareholder, president, and director of Arapine Corp. He frequently uses the corporation credit card for his personal expenses. If Arapine is insolvent and unable to pay its debts, and the corporation’s creditors sue Brian personally, what is the likely result? Brian is liable because he is a 99% shareholder. Brian is liable if he, as president, made the contracts with the creditors. Brian is liable because the court will pierce the corporate veil Brian will not be liable.

Reference no: EM13997309

Questions Cloud

Name and brief description of the organization : Discuss the hacker group known as 'Anonymous' and based on open source research, post a one paragraph summary of each below: (a) name and brief description of the organization (b) estimated level of sophistication

Suppose the supply curve of noisy surf-ski rentals : Suppose the supply curve of noisy surf-ski rentals on Sandy Bay beach is given by p=5+0.1xQ where p is the daily rent per unit in dollars and is the volume of units rented in hundreds per day. The demand curve for surf skis is p=20-0.2xQ . If each su..

About centralized and decentralized decision making : In Chapter 11 you read about centralized and decentralized decision making. Between the two philosophies which do you feel works better and why? Feel free to include any experiences you have had under each atmosphere.

A systems analysis and design methods class : A systems analysis and design methods class 4. For this exercise, consider a different example of an object - a dog.

Corporations creditors sue brian personally : Brian is the 99% shareholder, president, and director of Arapine Corp. He frequently uses the corporation credit card for his personal expenses. If Arapine is insolvent and unable to pay its debts, and the corporation’s creditors sue Brian personally..

Benefits of data protection controls : Individual: Benefits of Data Protection Controls Based on what you have learned about data protection in an online environment, prepare a 5-slide presentation to a department head or the CEO of a company to convince the audience that data protection ..

What is the critical issue : By 1999, Clark Faucet Company had grown into the third largest supplier of faucets for both commercial and home use. Competition was fierce. Consumers would evaluate faucets on artistic design and quality. Clark Faucet Company did not spend a great d..

What is penetration testing : What is penetration testing? Why is it performed? When should it be performed?

Cord companys plant asset and accumulated depreciation : Prepare a schedule analyzing the changes in each of the plant asset accounts during 2011. This schedule should include columns for beginning balance, increase, decrease, and ending balance for each of the plant asset accounts. Do not analyze changes ..

User Account

All Pages