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On December 1, 2011, Kris had $100,000 and a Factory used to manufacture toys. Later that month, Kris deposited $40,000 into a separate bank account he set up for his NEW for-profit business "Candy Cane LLC." Candy Cane LLC makes candy (NOT toys). Candy Cane LLC does NOT own or use the Factory (or Kris' other $60,000). Assume that all of the appropriate documents were filed with the SOS on behalf of Candy Cane LLC. Moreover, assume Candy Cane LLC was adequately capitalized when it was formed. In June 2012, Candy Cane LLC breached a contract it had with Harriet. Thus, Harriet is bringing a lawsuit against Candy Cane LLC to recover hundreds of thousands of dollars (including consequential damages). If Harriet prevails, which assets will most likely be used to satisfy her claim?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M954199

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