Jim owns a U.S. retail clothing company called Jim’s Athleti…

Jim owns a U.S. retail clothing company called Jim’s Athletic Apparel, organized as a C-Corporation. He does not keep meeting minutes, maintains insufficient corporate funds to cover most obligations (such as rent), and sometimes pays corporate expenses from his personal account. Jim also uses corporate funds to buy his wife a Hermes purse and pay his child’s college tuition. Jim runs the risk of:

One of the Board Members, Dr. Scott, is perplexed. He asks t…

One of the Board Members, Dr. Scott, is perplexed. He asks the other board members, “Wait a minute, we already obtained a patent on this drug. Doesn’t this mean that we have the right to make RDU-90, use it, and sell it?” Well, what is your answer to Dr. Scott?