Seth and Jacob are brothers who own all of Marboro Corporation's 2,000 shares of outstanding common stock.
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Seth and Jacob are brothers who own all of Marboro Corporation's 2,000 shares of outstanding common stock. Seth owns 1,100 shares to Jacob's 900 shares, and this has caused many problems over the years. They have not spoken to each other except through their secretaries for more than 10 years, and they have consistently fought over the running of the company. Seth has come upon some hard times, however, and needs cash for some overdue bills. He has the corporation redeem exactly 200 of his shares for $50,000 so that Jacob does not get the controlling interest in the corporation.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
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