Question

Jack and Bill are partners in a computer software company. They developed a word processing program that is remarkably similar to a Corel product. Jack telephones Bill at home one evening and says, “We should convert our partnership into a corporation before we launch this new word processing software. Let’s withdraw most of our assets from the business before forming a corporate entity. If we are sued by Corel, our liability will be limited to our business assets.” Bill feels a little uneasy and replies, “Let’s meet at 9 A.M. sharp to discuss this matter.”

Required
Explain why Bill might be feeling uneasy.



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  • CreatedJanuary 08, 2015
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