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At all times during the years in issue (1992, 1993, and 1994),
Cola, Inc. was a California corporation in good standing. As of
the date of trial, it had never been dissolved.
Equipment
In mid-1988, Richard purchased the equipment to operate the
business. The equipment (crankshafts and grinding machines) was
purchased from L.A. Billet and others. Richard paid for this and
other equipment, as well as furniture and fixtures, using funds
from his own bank accounts and credit lines. These assets were
never contributed to Cola, Inc.
Lease Agreement
On July 21, 1988, Cola, Inc. entered into an agreement to
lease a building located at 19122 S. Santa Fe Avenue, Rancho
Dominguez, California (S. Santa Fe Avenue), which became the situs
for its business operation. The lease was for a period of 60
months, commencing August 1, 1988, and was in existence at all
relevant times.
Bank Account and Financial Affairs
The bank account with Union Bank was utilized as the business'
operating account during the years in issue. The checks used for
this account contained the imprint "Cola Performance Products,
Inc.". Checks drawn on Cola, Inc.'s bank account were used to pay:
(1) Vendors and suppliers of the business; (2) various business
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