After having been a partner in a partnership for five years, you decided to leave and form

Question:

After having been a partner in a for five years, you decided to leave and form a Having completed the necessary organization steps and formed a board of directors, you sold stock to raise the necessary capital. You have retained control of 51 percent of the stock. One day a former partner (who owns 20 percent of the stock in your sends you a bill for $ 10,000 for an advertising campaign. He hired the public relations company to increase the visibility of the in which he is a stockholder. Are you going to pay the $ 10,000 bill your former partner incurred? Why or why not?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...