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Business Organizations Keyed to Allen
Costello v. Fazio
Citation:
256 F.2d 903 (9th Cir. 1958).Facts
In October 1948, a partnership called Leonard Plumbing and Heating Supply Co. was organized. The three partners, Fazio, Ambrose, and B.T. Leonard made capital contributions. By 1952, the partners had contributed $43,169.61, $6,451.17, and $2,000 respectively. The partners decided to incorporate the company at that time and each partner withdrew all but $2,000 of their contributions (leaving a total of $6,000 in capital). Both Fazio and Ambrose were directors for the company with Fazio acting as president and Ambrose as secretary-treasurer. The corporation assumed the partnership‘s liabilities. The business suffered a streak of losses and, in 1954, the corporation filed for bankruptcy.
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2m 27s