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Able owns 1 0 0 % of ABC Corporation, which operates a restaurant. Able founds the corporation with $ 1 , 0 0 0 in
Able owns of ABC Corporation, which operates a restaurant. Able founds the corporation with $ in capital. ABC has its own bank account, and Able does not commingle the corporations funds with his own. ABC has never had a directors meeting or a shareholders meeting. ABC does not employ a bookkeeper, and its financial records are incoherent. ABC operates for six months and does not generate a profit. Shortly thereafter, a customer dies of food poisoning due to contaminated ham served by ABC. Can the customers estate hold Able personally liable for any judgment rendered against ABC?
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