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Harris Construction Co. is a small corporation with seven owner/principals, all of whom are directors, officers, and employees of the company. The company has been
Harris Construction Co. is a small corporation with seven owner/principals, all of whom are directors, officers, and employees of the company. The company has been so busy getting established that it has not held any meetings since its first organizational meeting 18 months ago. Stock has not been issued to the principals. The company owes $30,000 to a creditor but has only $15,000 in its bank accounts. Discuss whether the creditor may recover from any of the individuals involved.
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