BU231 Study Guide - Final Guide: List Of Muppets, Professor Farnsworth, W. M. Keck Observatory
Document Summary
Bang up car repair inc. is a closely held corporation. Howard, penny, leonard and sheldon are the shareholders. Howard owns 70% of the shares and the other three each hold 10% of the shares. Howard, penny and wil (a local accountant) sit on the board of directors. Leonard deals with the actual repair work and manages the repair shop, while penny oversees the entire business: note the difference between closely held corporations and those that are publicly traded. Make sure you identify the area of law or legal principles that are relevant to each situation, define the applicable law and apply it to bang up"s circumstances. Include remedies and defences for each situation: bernadette brings her car in for repairs and penny has her sign a contract for repairs estimating the cost at ,500. 00 payable upon completion of the repairs. Leonard and his staff work on the car for a couple of days before it is repaired.
