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Will you be successful in holding sanders liable

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Business Law for Commercial Transactions Week 1 DQ 1 Scenario 1 Mike Sanders is an extremely wealthy entrepreneur who previously owned several businesses. Sanders sold some of the businesses, while others failed and ended up in bankruptcy. Most recently, Sanders incorporated Sunshine Home Designs with himself as the sole shareholder. Sanders invested $2,500 in the company as a capital contribution. Sunshine Home Designs then purchased 500 acres of land for $250,000 with the intent to develop an upscale retirement community with various levels of housing from patio homes to nursing facilities. One year later, Sunshine became unable to pay its bills. As one of Sunshine's creditors, you seek to hold Sanders personally liable for the company's debts. Will you be successful in holding Sanders liable for Sunshine's debts? Explain why or why not.

Reference no: EM13846372

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