Question
Jen is a 4th year student who has been a varsity soccer player throughout her time at Queen's. Truth be told, she loves soccer far
Jen is a 4th year student who has been a varsity soccer player throughout her time at Queen's. Truth be told, she loves soccer far more than her studies in Biology, and she would very much like to fashion a career out of the sport. While at Queen's, Jen has volunteered with a local soccer club and has run training sessions for young players three nights a week. Armed with knowledge of sport science, as well as innate soccer skill and an excellent rapport with kids, Jen would like to open a "soccer academy" for soccer-playing kids of all ages. She believes Kingston to be too small to support such a business and has decided to open her academy business in her native Ottawa. While she doesn't see this as a capital intensive business, she will need some money for equipment and, at least initially until revenue comes in, money to rent out gyms and indoor/outdoor soccer fields. Brent, the father of one Kingston's most promising young soccer stars - and a girl Jen has trained - has offered to provide some financial help to Jen: as he puts it, "I'd like to partner with you on this venture, since I know I'll need to bring my daughter to Ottawa for further training."
Jen decides to incorporate Jen's Soccer Academy Inc. under the CBCA. She agrees to accept Brent's money, but she wants complete control of the operation of the business. Brent is perfectly happy letting Jen run the operations, but he wants to have some level of control. In short answer form, please explain:
i. who should be the director(s) of the corporation (and why);
I think Jen should be director as that would allow her to be in a managerial role allowing her to operate the business
ii. who should be the shareholders of the corporation; and
Brent I think would make sense since he has an investment or share in the company therefore he is quite literally a share holder
iii. what types of shares each shareholder should be issued.
Im not really sure about this one
Can you shed light on these questions, I have an idea if the answers but need a little direction if i'm right direction and give me some explanation as to why I am right or wrong
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