Ludwig carried on a machine shop business for many years under the name. On advice from his accountant, he transferred the shop Ludwig machine shop and all of its equipment to a corporation that he incorporated with himself as the sole shareholder. As payment for the shop and equipment, the corporation issued Ludwig 10,000 common shares, and a debenture in the amount of $250,000. The corporation carried on the business as Ludwigs Machine Shop Ltd., with Ludwig as the corporations president. The large advertising sign on the front of the shop, however, was not changed, and continued to read: Ludwigs Machine Shop. Ludwig continued to operate the business as he has done prior to incorporation, and diid not inform his customers or suppliers of the change of ownership of the business. Business invoices nevertheless were issued in the corporation's name and all the correspondence was on corporation letterhead