(note: links don’t work. This is a sample from my Moodle Course)
Business Corporation
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Pre-Class Activites:
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Complete Task #6 and then reply to the discussion issues posed.
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In-Class Activities:
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Task #7: Legal Disaster Strikes
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The corporation has filed its Articles of Incorporation with the appropriate office. You are awaiting confirmation from the State Corporation Commission (SCC) about whether everything was done correctly. An officer of the corporation (the COO), has found an office building to lease at a rock bottom price. The COO does not consult the Board or any other Officers and goes ahead and signs the lease on behalf of the Corporation. He also writes a check off his personal account for the first month’s rent. Later, the other members learn that the building is infested with rats and mold and cannot be used for their intended purpose- as the corporate headquarters. Can the company get out of the lease? Did the COO bind the corporation by signing the lease agreement? What personal liability does the COO have? Is it his fault? How can the company get out of this?
To figure out this problem watch and read the following resources along with any other resources you find:
Read: LBS pages 354-370 AND watch the following videos
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Task #8 Assessment
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Take the Individual Readiness Assessment Test (IRAT) on your own and test your knowledge on corporate laws.
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Task #9- Let’s Discuss this Legal Disaster
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After you discuss, take the Team RAT.
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Task #10: Is Virginia Really the Best Place to Incorporate?
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We have looked at
- how to incorporate
- who is a part of a corporation, and
- what the officer and director’s duties are.
Now we will analyze Why to Incorporate in Virginia.
Watch the following videos, work with your team (or alone), and create an informational brochure (or video) to attract companies to incorporate in Virginia. Remember to answer the “WHY” should someone incorporate in Virginia.
An Ethical Island 