- 4 -
with the State of California. Originally, the name of the
corporation was Motor Motion, Inc. On July 11, 1988, the name of
the corporation was changed to Cola Performance Products, Inc.
(Cola, Inc.). Cola is an acronym for Crankshafts of Los Angeles.
The first organizational meeting for Cola, Inc. was held on
July 22, 1988. The minutes for that meeting (prepared by Mr.
Treadwell) reveal: (1) Corporate bylaws were adopted; (2) Raul and
Richard were elected directors of the company; (3) Raul was elected
president, and Richard was elected secretary/treasurer and chief
financial officer; (4) 200 shares of stock were authorized to be
issued and sold (100 shares to Raul and 100 shares to Richard) at
a price of $25 per share; and (5) the company was authorized to
establish a bank account with Union Bank.
Shortly after the company was incorporated, Richard learned
that Raul would be financially unable to contribute to the business
because of a dispute with his prior business partner. In the
latter part of 1988, Richard discussed this situation with his
accountant, Sam White (a partner in the accounting firm of Deloitte
& Touche), and the controller of his drywall company, Sandy
Hemphill. They recommended that as long as Raul could not
financially contribute to the business, the business should be
operated by Richard as a sole proprietorship.
No corporate stock was ever issued.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011