Stage, Inc. (“SI”) is a properly formed close corporation. SI’s Articles of Incorporation include the following provision: “SI is formed for the sole purpose of operating comedy clubs.” SI has a three-member Board of Directors, consisting of Al, Betty, and Charlie, none of whom is a shareholder.
Some time ago, Charlie persuaded Al and Betty that SI should expand into a new business direction, real estate development. After heated discussions, the board approved and entered into a contract with Great Properties (“GP”), a construction company, committing substantial SI capital to the construction of a new shopping mall, which was set to break ground shortly.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
