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| Davis, an inventor, developed a new product but lacked money to get the product to the marketplace. Before creating a corporation to raise capital, Davis leased office space and equipment, entered into contracts with third parties, and identified investors. Who has liability for preincorporation debts? A. Davis is liable until the articles of incorporation were filed. B. If this corporation is never formed, Davis is not liable. C. Davis is liable until the corporation assumed the debts in novation. D. If this corporation is never formed, the unpaid third parties must write off the debt because no corporate entity existed at the time the debt was incurred. |