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Mikhail and Omar prepared and filed all of the necessary documents, including the Articles of Incorporation, with the government to become a corporation. For one
Mikhail and Omar prepared and filed all of the necessary documents, including the Articles of Incorporation, with the government to become a corporation. For one year after incorporating their business, Mikhail and Omar's corporation followed all of the rules to keep the legal protections provided by running their business as a corporation. However, after one year of doing business as a corporation, Omar needed cash to support his lavish lifestyle, so he started paying the monthly payment on his yacht out of the corporate bank account. When Mikhall found out what Omar had done, he was furious. In your own words, explain the legal ramifications of failing to keep corporate and personal assets/business matters separate. Give two (2) real-life examples of things (other than paying his personal credit card from corporate bank account) that Omar may have done that would get the threaten the corporations legal standing. Examples are not definitions. They are stories. Use proper legal terminology in your
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