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Business Associations Keyed to Coffee, 9th Ed.
Stone v. Eacho
Citation:
127 F.2d 284 (1942)Facts
Tip Top Tailors was incorporated in Delaware in 1939 and operated nine retail stores across the United States, including one in Richmond, Virginia. For the Richmond store, the Delaware corporation obtained a Virginia charter for a corporation with the same name, issuing only three shares of stock at $1 each to nominees holding them for the Delaware corporation’s benefit. The Virginia corporation had no separate corporate activity, no money in its treasury, executed no contracts, and kept no independent records. The Delaware corporation managed the Richmond store exactly as it managed its other stores, providing goods, processing orders, and handling all finances. All significant expenses were paid directly by the Delaware corporation and then debited to the Richmond store. The Virginia corporation owned no property, and by the time the store closed, the Delaware corporation’s books showed the Virginia corporation owed it $39,069.67. When both corporations became bankrupt, the court had to determine whether to treat the Virginia corporation as a separate entity or as merely an extension of the Delaware parent.
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