Salerno and Peterson are organizing a corporation in BC to manufacture and market solar heating panels. They have chosen the name Icarus, Inc., even though there already is a company in BC named Icarus, Ltd., which manufactures sunglasses. They plan to issue 200,000 shares of common stock in the corporation. In drawing up the bylaws, Salerno wants to include a provision that in the event of his death, the corporation will be dissolved.

1. Will Salerno and Peterson be allowed to use the name Icarus, Inc.? Yes or No? Why or why not? (1 mark) 2. What are two advantages of organizing this business as a corporation rather than as a partnership? (2 marks) 3. Can Salerno insist that the corporation be dissolved in the event of his death? (1 mark) 4. One year the corporation failed to pay a dividend. Does Cortillo have a claim against the corporation? Explain your answer. (1 mark)