Uses sun power funds to pay his personal expenses

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Reference no: EM132104506

1. Rhett owns Sun Power Corporation. Rhett uses Sun Power's funds to pay his personal expenses, creates Moon Power Corporation to engage in the same business as Sun Power, transfers Sun Power's assets to Moon Power, and petitions Sun Power into bankruptcy. This most likely warrants

a. a discharge for Sun Power in bankruptcy.

b. a review of Moon Power's articles of incorporation.

c. a bonus to Rhett for financial maneuvers.

d. a pierce of the corporate veil.

2. DreamWeavers, Inc., is a private, for-profit corporation that (1) was formed for the purpose of manufacturing and distributing a newly patented smart watch, (2) is owned by five shareholders, (3) is subject to double taxation, and (4) has made no market offering of its shares. DreamWeavers is

a. a close corporation.

b. a professional corporation.

c. an S corporation.

d. a public corporation.

Reference no: EM132104506

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