Bobby T (75% Owner) Would Like to Terminate the S

question 7

True/False

Bobby T (75% owner) would like to terminate the S corporation status for DJ, Inc. but Dallas (5% owner) does not want to terminate the S corporation status. Bobby T can terminate the S status for DJ, Inc. without Dallas' consent.

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Definitions:

Dishonor

The refusal or inability of a party to honor a financial obligation or instrument, such as a check or bill of exchange, when presented for payment.

Notice Of Dishonor

A formal notification indicating that a payment instrument, such as a check or bill of exchange, has been presented for payment and refused.

Potential Liability

A legal obligation that might occur in the future, depending on the outcome of a particular event.

Authorized Agent

An individual or entity that has been given the legal authority to act on behalf of another person or entity in business transactions or negotiations.