Course Solutions Uncategorized (Answered) : Scenario II – Organizations and Liability Vance Armstrong was the sole incorporator of Triathlon Training Inc., a corporation

(Answered) : Scenario II – Organizations and Liability Vance Armstrong was the sole incorporator of Triathlon Training Inc., a corporation

June 27, 2024June 27, 2024| adminadmin| 0 Comment| 7:36 pm
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Scenario II – Organizations and Liability

Vance Armstrong was the sole incorporator of Triathlon Training Inc., a corporation designed to operate a training center for triathletes of all ages. The business was incorporated according to Florida law in January 2015, with Armstrong as the sole director and shareholder. Armstrong contributed $20,000 of starting capital, which was just enough to make minor repairs to the property he purchased for $400,000 with a loan from the bank. The corporation had no liability insurance. On June 15, 2015, the center opened for business. Over the next few months, the corporation operated with a profit.

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