Boyback
Adam Lane has come in to meet me. I have discussed his situation…
Adam Lane has come in to meet me. I have discussed his situation and I would like
you to handle this file under my supervision.
Adam Lives at
1313 Mockingbird Lane
Vancouver, BC
V6Y 3D3
(604) 299-6557
Adam has just earned his degree in computer science. He only has 2 assets: his
degree and a 1990 Porsche 911 worth about $15,000. The car was a gift from his
father, Cameron Lane.
Adam has spent the past few summers experimenting and thinks that he has come
up with an improved voice-recognition system for computers. He wants to contract
out the manufacture of his product and set up an organization for
its distribution and sale. He already has a name in mind: “I-know-it’s-you
Enterprises”, or IK Enterprises for short.
Adam’s father, Cameron Lane, is retired and fairly wealthy. He has $100,000 that
he is willing to invest in IK Enterprises, but he doesn’t want to risk any more than
that. Cameron’s address is:
629 West Pender
Vancouver, BC
V3K 5F2
(604) 737-4444
Adam has found Diane Levesque, a manufacturer’s agent for many products, who
is willing to advise Adam on setting up the business and helping to market the
product. Diane is willing to invest $20,000 and devote some of her time and
expertise to the new business. Diane’s address is:
467 13th Ave
Vancouver, BC
V4S 4R5
(604) 299-7888
The Bank of Botswana, under a program for young entrepreneurs, is willing to lend
up to $50,000 of start-up capital.
Adam wants to get going and has decided to incorporate it because of the flexibility
of the corporate structure and the prospects of limited liability. Your mission is to
start the company.
Adam and Diane will take 70 and 30% of the voting shares, respectively.
The assignment is in four stages:
1. make a memorandum to yourself that you can use as a checklist for
incorporating this, or any, company.
2. Once I have reviewed your memorandum, go ahead with the incorporation
procedure. Adam will be the only incorporator.
3. Once the company is incorporated, organize the company so that everything
is in place with the three shareholders. You will have to produce a
completed minute book ready for review and signature by the directors and
shareholders.
4. Once you have done all of the incorporations and organizing steps, prepare a
reporting letter to the client
I need help with this assignment which I need to create: Minute Book
1. Name Request Form
2. Consent Forms
3. Incorporation Agreement
4. Incorporation Application & Notice of Articles assignment
5. Confirmation of Payment of Incorporator’s Share
6. Incorporation Certificate
7. Shareholders’ Certificates & Share Receipts
8. Incorporation report
9. General Securities Register
10. Shareholders’ Resolutions
11. Directors’ Resolutions
12. Minutes to the Organizational meetings
