In 2000, Jack and his two adult sons, Jim and Joe, created a corporation, Jack & Sons,

Inc, with each as a shareholder and director. During the first year or so they main-

tained corporate bank accounts, had the name printed on trucks and stationery and

held annual stockholders and directors meetings. After Jack died, in 2005, Jim and

Joe forgot about the corporation and failed to hold meetings or otherwise follow the

corporate formalities. In 2007, Joe, working as an employee of Jack & Sons, Inc., was

allegedly negligent in some electrical wiring he performed, which caused a disastrous

fire at a local church, in which several people were injured. Can Jim and Joe be per-

sonally held liable to the injured parties or the church? Explain why or why not.