You decided to start a business and considered two different forms of ownership of that business. In this Critical Thinking Project 2, you are to evaluate the following factual scenario, identify issues and apply the knowledge you have obtain from your readings and the lectures as to how you would deal with this scenario.
A gentleman by the name of Jack way back in 1935, after the great depression, formed a small manufacturing company with his two brothers Tom and Dick. The company provided product that was in high demand at the time. The company grew. The company was a C Corporation incorporated in Maryland with the 3 brothers initially owning equal shares of stock. Each brother was an initial incorporator and served on the board of directors. It was not a closed corporation. The company did business in Virginia, DC, Maryland and Pennsylvania. Over time Jack was able to buy out the interests of his brothers Tom and Dick. The company was very successful and acquired several parcels of real estate worth approximately 5 million dollars ($5,000,000.00).
When Jack died his son Jack, Jr. took over the ownership of all the stock of the corporation. Jack, Jr. had six children Bill, Steve, Brad, Mary, Jane and Kathy. Jack, Jr. had a Last Will and Testament that provided that each of his six children received an equal share of the stock of the corporation. The three sons had always worked for Jack, Jr. The three daughters were not allowed to be involved in any way with the operation of the business while there father was alive. Upon the death of the father, the eldest son Bill, assumed the role of President and Chairman of the board of directors of the corporation. All six of the children were on the board of directors. Bill, Steve and Brad continued to work at the company and received salaries and benefits. The daughters did not work for the corporation nor did they receive any benefits.
The world has certainly changed since 1935. The market for the products produced and sold by this company no longer commanded the sales they once did. New box store competitors could maintain larger inventories and sell product at a much cheaper price. The strength of this corporation remained the loyal customer base and the personal service that the brothers could give as their grandfather and father had done over the years. Unfortunately the markets changed and customers died off or went to competitors.
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