Education
May 25, 2005
Do Secured Creditors Trump Unsecured Creditors?
QUESTION 3 CORPORATIONS Molly and Ruth were partners in the operation of a dry cleaning store. Recent government environmental regulations relating to dangers posed by dry cleaning fluids increased their exposure to liability and caused a decline in their business. Molly and Ruth decided to convert their partnership into Dryco, Inc. ("Dryco"), a corporation, to limit their potential personal liability.
CORPORATIONS
Molly and Ruth were partners in the operation of a dry cleaning store. Recent government environmental regulations re...
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