QUESTION Mr Salomon, a successful businessman, owns a company Salomon and Co Ltd. He decides that his daughters, Lusitania, and Jane, need something to occupy their time. Lusitania tells Mr Salomon that she is interested in fine art. Mr Salomon therefore incorporates a company, Exotic Art Ltd. The company is a wholly owned subsidiary of Salomon and Co. Lusitania and Jane are both appointed directors on incorporation. The third director is Donald, Mr Salomon’s accountant. He is a highly…
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