BU231 Study Guide - Final Guide: Fiduciary, Canadian Business, Natural Person
Document Summary
His shoe business was sold to the corporation but a downturn in the shoe. Salomon"s case the nature of a corporation: separate corporate. Personality corporation in which he owned 20001 of 20007 shares. His family members owned the remaining 6 shares in order to fulfill the statutory requirement. industry caused by loss of government contracts and strikes drove the corporation into insolvency. There are still debts owed to his debtors. the true owner of the business and was also the real debtor. A trustee claimed that the corporation did not exist, and that salomon was. The house of lords supported salomon"s side since there was no fraud or any intention to deceive. The corporation was properly created and was solely responsible for it"s own debt, since it is it"s own natural person". Wise corporate governance: directors" and officers" duties officers, and directors of wise. They also became the sole directors of peoples.
