-5- and one of its two directors. Mr. Odell is petitioner’s other director and its secretary. Petitioner’s business is the former sales business of a sole proprietorship that Ms. Odell started in 1989. That former business sold to the Federal Government (primarily United States Postal Service) office supplies and equipment (collectively, office supplies). Petitioner is the corporation that was formed on January 3, 1995, when Ms. Odell incorporated that former business. In connection with the incorporation, Ms. Odell’s sole proprietorship conveyed to petitioner an ownership interest in certain assets (mainly bank accounts and inventory). Ms. Odell purportedly did not convey to petitioner an ownership interest in a customer list used in the former business. The customer list contains the names and addresses of more than 6,000 Federal agencies in the United States. Ms. Odell also purportedly did not convey to petitioner an ownership interest in contracts under which the former business’s customers had agreed with Ms. Odell, in her capacity as the former business’s sole proprietor, to purchase certain merchandise from the sole proprietorship. Ms. Odell ostensibly allowed petitioner to use the customer list and to assume the income and liabilities under the contracts in exchange for petitioner’s payment to her of royalties ascertained on the basis of petitioner’s sales.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011