Question
Getz is the chair of the board of directors of Faraday, Inc., and Williams is the chair of the board of directors of Fireboard, Inc.
Getz is the chair of the board of directors of Faraday, Inc., and Williams is the chair of the board of directors of Fireboard, Inc. Faraday is a manufacturing corporation, and Fireboard is a transportation corporation. Getz and Williams meet to discuss the possibility of combining their corporation and activities into a single corporate entity. They consider two (2) alternative courses of action: (1) Faraday acquires all of the stock and assets of Fireboard, or (2) the two corporations combine to form a new corporation, Faraboard, Inc. Both chairs are concerned about the necessity for a formal transfer of property liability for existing debts, and the need to amend the articles of incorporation. Explain what the two proposed combinations are called, and discuss the legal effect each has on the transfer of property, the liabilities of the combined corporations, and the need to amend the articles of incorporation
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