[Horse Tracks] Min-ji,Marcus,and Penelope decided to form a corporation called Horse Tracks to raise horses.They all began the incorporation process by arranging for necessary capital and financing.They raised capital from their friends by making deals whereby their friends would purchase stock in the new corporation.After the corporation was formed,a problem arose with a contract for feed that Min-ji,Marcus,and Penelope had entered into while organizing the corporation.Callie,the seller of the feed,claimed that she had not been fully paid and threatened to sue the corporation.The contract Min-ji,Marcus,and Penelope had with Callie did not reference liability after the new corporation came into legal existence.Min-ji,Marcus,and Penelope asked for a novation,but were uncertain as to whether that would occur.
-Min-ji,Marcus,and Penelope would be identified by what term in their arranging for necessary capital and financing for the corporation?

Question

Quizplus · Accepted Answer

A)Promoters begin the corporate creation and organization process by arranging for
necessary capital,financing,and licenses.
B)Promoters begin the corporate creation and organization process by arranging for necessary capital,financing,and licenses.
C)Promoters begin the corporate creation and organization process by arranging for necessary capital,financing,and licenses.
D)Promoters begin the corporate creation and organization process by arranging for necessary capital,financing,and licenses.
E)Promoters begin the corporate creation and organization process by arranging for necessary capital,financing,and licenses.

[Horse Tracks] Min-Ji,Marcus,and Penelope Decided to Form a Corporation Called