Maintained corporate bank accounts

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Reference no: EM131461385

In 2000, Jack and his two adult sons, Jim and Joe, created a corporation, Jack & Sons, Inc, with each as a shareholder and director. During the first year or so they main- tained corporate bank accounts, had the name printed on trucks and stationery and held annual stockholders’ and directors’ meetings. After Jack died, in 2005, Jim and Joe forgot about the corporation and failed to hold meetings or otherwise follow the corporate formalities. In 2007, Joe, working as an employee of Jack & Sons, Inc., was allegedly negligent in some electrical wiring he performed, which caused a disastrous fire at a local church, in which several people were injured. Can Jim and Joe be personally held liable to the injured parties or the church? Explain why or why not.

Reference no: EM131461385

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