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Formation_and_Financing_Questions_for_Discussion_with_Answers

Formation_and_Financing_Questions_for_Discussion_with_Answers

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Formation and Financing Questions for Discussion 1. Steven and Janis Gimbert leased a warehouse to a manufacturing business owned by Manzar Zuberi. Zuberi signed the lease as the purported representative of “ATM Manufacturing Inc.” which was a nonexistent corporation. Zuberi was actually the president of two existing corporations, ATM Enterprises Inc and Ameri-Pak International. Under the Ameri-Pak name, he manufactured household cleaning products in the warehouse. The acid from the cleaning products damaged the warehouse. The Gimbert’s sued Zuberi personally to collect for the damage. On what basis might Zuberi be held personally liable? 2. Jonathon, Gary and Ricardo are members of a partnership called Swim City, which manufactures swimming pools. They want to continue the business and to expand it to other states. They are also concerned about possible being sued as lately there have been large lawsuits against other companies that manufacture swimming pools. Should they incorporate the business? Discuss.
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1. The court found Ameri-Pak International responsible for the damage and 
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