use law professional words, maybe need at least twelve sentences

Feb 28th, 2015
DotaCN
Category:
History
Price: $10 USD

Question description

Aztec was incorporated in Washington with a capital contribution of $500.  The incorporator and sole stockholder was Mr. Hunting.  The company was a gravel-hauling business and was plagued with persistent working capital problems.  Carl Olson, a frequent source of loans for Aztec, acquired the firm.  Mr. Olson had no corporate minutes or tax returns; he personally paid Aztec's lease fees, but did not pay for personal delilveries; and he never had stock certificates issued to him.  Despite gross sales of over $800,000, Aztec was unable to pay debts.  A creditor of Aztec brought suit to pierce the corporate veil adn recover its debt from Mr. Olson.  What do you think of the case?

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