Biz Brief: Owning the Business is Not Sufficient to Take a Salary
In In re Village Red Restaurant Corp. d/b/a/ Waverly Restaurant, the Bankruptcy Court held that simply owning a business was not fair consideration in exchange for a salary. Village Red Restaurant Corp’s (“Village Red”) operated a restaurant in New York. The sole shareholder was Christine Serafis (“Christine”), who received the shares from her father as
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