-5-
1997, through November 23, 1997. After November 23, 1997, she
operated the three shops as an officer and director of her wholly
owned corporation, NT, Inc. (NT). Michelsen formed NT in
November 1997, and she has always been its sole officer, sole
director, and sole shareholder.
Michelsen opened one of the three Nature’s Touch shops in
San Juan Capistrano, California, in June 1993. Nineteen months
later, she opened the second shop in Palm Desert, California.
The Palm Desert shop did not do well financially, and Michelsen
moved the business of that shop to Palm Springs, California, in
May 1997. Michelsen’s lease of the vacated premises had not yet
expired at the time of the move, and she sublet those premises in
exchange for $3,000. On November 1, 1997, Michelsen opened the
third Nature’s Touch shop in Carlsbad, California. The
approximate sizes of the shops in San Juan Capistrano, Palm
Springs, and Carlsbad were 1,300, 1,700, and 1,500 square feet,
respectively.
The Nature’s Touch shops sold mostly 300 to 500 different
gift items (e.g., fountains, garden supplies, stationery, books).
Michelsen purchased those items from approximately 130 different
vendors and displayed most of the items throughout the shops in
wooden display cubes built by her and LeBloch, or on wall and
ceiling hangers built by LeBloch. LeBloch helped Michelsen
prepare each shop for its opening, and he helped her maintain the
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