Web solutions-incorporated and domestic

Assignment Help Business Management

Reference no: EM133938574

Case submission

Janelle Golino controls 65% of the voting shares of J-Go Web Solutions, Inc. Golino is also the chairman of the board and CEO of J-Go, and she controls the board of directors, all of which she elects by exercising the voting power of her shares. Her 16-year-old daughter is a nonvoting member of the board of directors, for which service she receives annual compensation of $45,000, half the fee paid to the voting directors. J-Go's voting directors have approved the fee paid to Golino's daughter. Golino has elected her daughter to the board of directors, because her daughter is extremely bright and experienced for someone of her age, having attended business meetings with her mother for the last three years and regularly discussed business decisions with her mother for the last five years. Thirty-five percent of J-Go's voting shares are owned by public investors, as are all the shares that have no right to vote in directors elections. When J-Go has a dispute with one of its creditors and fails to pay a debt, the creditor asks a court to pierce the veil of J-Go and hold Golino personally liable for the debt.

T/F

1. J-Go Web Solutions, Inc. is a for-profit, publicly traded corporation, which cannot elect Subchapter S status.

2. J-Go Web Solutions, Inc. is foreign to the state in which it is incorporated and domestic to all other states in which it does business.

3. The creditor who initiated the lawsuit against J-Go Solutions, Inc. will likely be successful in its attempt to pierce the corporate veil of J-Go Web Solutions, Inc., because Golino dominates the corporation and improperly elected her daughter to the board of directors.

4. Janelle Golino's control of 65% of the voting shares of J-Go Web Solutions, Inc., her role as chairman and CEO, and her control of the board of directors are matters governed by the 1933 and 1934 Securities Acts as well as the state incorporation law of the state in which it is incorporated.

5. As controlling shareholder of J-Go Web Solutions, Inc., Janelle Golino does not owe fiduciary duties to minority shareholders.

Reference no: EM133938574

Questions Cloud

What is defamation : What is Defamation and what are the various defences that are available in a defamation case?

North american economy and support small : Discuss how the USMCA is expected to grow the North American economy and support small and medium-sized enterprises.

Description of the legal information : Please provide a brief description of the legal information that is provided. Example only: local attorneys; law library at the VT Supreme Court.

Successor corporation to hyydro-dynamics : If John Meyer planned to form a successor corporation to Hyydro-Dynamics, Inc. ("HDI") to which he planned to assign the cloth purchase contracts,

Web solutions-incorporated and domestic : J-Go Web Solutions, Inc. is foreign to the state in which it is incorporated and domestic to all other states in which it does business.

Identify screening types used in public health prevention : Identify three (3) screening types used in public health prevention and give an example to any of two (2) screening types.

Describe public healthcare in the us : Describe in 150 to 250 words your understanding of: Public healthcare in the U.S. Private healthcare in the U.S.

How have provisions of the emergency planning : How have provisions of the Emergency Planning and Community Right-to-Know Act of 1988.

What is the best way to ensure safeguarding of patient data : What is the best way to ensure safeguarding of patient data and privacy in a hospital at home care delivery model?

User Account

All Pages