Aztec was incorporated in Washington with a capital contribution of $500. The incorporator and sole stockholder was Mr. Hunting. The company was a gravel-hauling business and was plagued with persistent working capital problems. Carl Olson, a frequent source of loans for Aztec, acquired the firm. Mr. Olson had no corporate minutes or tax returns; he personally paid Aztec’s lease fees, but did not pay for personal delilveries; and he never had stock certificates issued to him. Despite gross sales of over $800,000, Aztec was unable to pay debts. A creditor of Aztec brought suit to pierce the corporate veil adn recover its debt from Mr. Olson. What do you think of the case?
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