MEMORANDUM Adam Lane has come in to meet me. I have discussed his situation and I would like you to handle this file under my supervision. Adam Lives at 1313 Mockingbird Lane Vancouver, BC V6Y 303 (604) 299-6557 Adam has just earned his degree in computer science. He only has 2 assets: his degree and a 1990 Porsche 91 1 worth about $15,000. The car was a gift from his father, Cameron Lanc. Adam has spent the past few summers experimenting and thinks that he has come up with an improved voice-recognition system for computers. He wants to contract out the manufacture of his product and set up an organization for its distribution and sale. He already has a name in mind: "I-know-it's-you Enterprises", or IK Enterprises for short. Adam's father, Cameron Lane, is retired and fairly wealthy. He has $100,000 that he is willing to invest in IK Enterprises, but he doesn't want to risk any more than that. Cameron's address is: 629 West Pender Vancouver. BC VIK 5F2 (604) 737-4444 Adam has found Diane Levesque, a manufacturer's agent for many products, who is willing to advise Adam on setting up the business and helping to market the product. Diane is willing to invest $20,000 and to devote some of her time and expertise to the new business. Diane's address is: 467 13" Ave Vancouver, BC V45 4R5 (604) 299-7888 The Bank of Botswana, under a program for young entrepeneurs, is willing to lend up to $50,000 of start-up capital. Adam wants to get going. and has decided to incorporate because of the flexibility of the corporate structure and the prospects of limited liability. Your mission is to start the company. Adam and Diane will take 70 and 30% of the voting shares, respectively. The assignment is in four stages: 1. Prepare a memorandum to yourself that you can use as a checklist for incorporating this, or any, company- 2. Once I have reviewed your memorandum, go ahead with the incorporation procedure. Adam will be the only incorporator. 3. Once the company is incorporated, organize the company so that everything is in place with the three shareholders. You will have to produce a completed minute book ready for review and signature by the directors and shareholders. 4. Once you have done all of the incorporation and organizing steps, prepare a reporting letter to the client