Mark Complied with All Formation Requirements for Incorporating His Taxicab

question 69

Essay

Mark complied with all formation requirements for incorporating his taxicab business. He is the sole shareholder in the corporation. The corporation owns two automobiles that Mark frequently uses for his own personal use. In addition, he sometimes deposits the money he takes in during the day into his personal checking account. One day, an employee of the company, while driving one of the company vehicles, accidentally hits a pedestrian in a crosswalk. The pedestrian sues both Mark and the taxi company for $100,000. The corporate assets are only $32,000. Is the corporation liable for the acts of its employee? Will Mark be personally liable under the facts? Explain.

Understand the types of tenancies and the rights and duties of tenants under each form.

Comprehend the process and implications of transferring property interests, including through deeds and inheritance.

Grasp the legal concepts related to the ownership and transfer of real property, including joint tenancy, tenancy in common, and tenancy by the entirety.

Identify and differentiate between real property and personal property, including the concept of fixtures.

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Definitions:

Primary Training Tool

The main resource or method used for training purposes within an organization.

Managing Ethics

The process of implementing ethical guidelines and ensuring that organizational behavior aligns with ethical standards and principles.

Corporate Social Responsibility

A business model in which companies integrate social and environmental concerns in their operations and interactions with stakeholders.

Weyerhaeuser

A multinational forestry products company known for its production of timber, wood products, and pulp and paper.