M.R. Watters was the majority shareholder of several closely held corporations, including Wildhorn Ranch
M.R. Watters was the majority shareholder of several closely held corporations, including Wildhorn Ranch
Case: M.R. Watters was the majority shareholder of several closely held corporations, including Wildhorn Ranch, Inc. (Wildhorn). Although Watters claimed that the ranch was owned by the corporation, the deed for the property listed Watters as the owner. Watters paid little attention to corporate formalities, holding corporate meetings at his house, never taking minutes of those meetings, and paying the debts of one corporation with the assets of another. In August 1986, two guests of Wildhorn Ranch Resort drowned while operating a paddleboat at the ranch.
Issue: The family of the deceased guests sued for damages.
Critical Thinking Question: Is Watters personally liable?
Requirements: 300 words
Masters Law
Read Business Law, Eleventh Edition by Henry Cheeseman Chapters 37 & 38.
Reference and read these chapters.
Chapter 37. Corporate Formation and Financing
38. Corporate Governance and The Sarbanes-Oxley Act
https://www.pearson.com/en-us/subject-catalog/p/business-law/P200000005861/9780136994527
Try to get book online
This is an old edition of the book – chapter should be different – https://www.pearsonhighered.com/assets/preface/0/1/3/4/0134832280.pdf
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