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David was president of Music, Inc. He owned 53 percent of the common stock. David received a salary of $10,000 per year and bonuses of $7,000 per year. The corporation had a net worth of $100,000 and sales of $245,000. The net profit of the company had been under $2,000 each year, and dividends were either small or nonexistent. Minority shareholders brought suit to compel dissolution of the corporation on the ground of waste, alleging that the waste occurred in the payment of bonuses to David. Should the company be dissolved? Why or why not?

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Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M93135057

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