Curtis and Natalie then meet with a lawyer and form a corporation on November 1, 2022, called Cookie & Coffee Creations Inc. The articles of incorporation state that there will be two classes of shares that the corporation is authorized to issue: common shares and preferred shares. They authorize 92,000 no-par shares of common stock, and 9,200 no-par shares of preferred stock with a $0.50 noncumulative dividend. The assets held by each of their sole proprietorships will be transferred into the corporation at current market value. Curtis will receive 9,368 common shares, and Natalie will receive 13,800 common shares in the corporation. Therefore, the shares have a fair value of $1 per share. Natalie and Curtis are very excited about this