Industrial Equipment Co. v. Montague

Stukes, Justice.

Industrial Equipment Company of Sumter was formerly a partnership composed of respondent, his son and E. L. Freeman. The business was incorporated early in 1946 and the three former partners were the sole stockholders and in the same proportions that they had owned the partnership, which was forty-five per cent by the elder Montague (respondent) who was president, forty-five per cent by Freeman who was treasurer and general manager, and ten per cent by the younger Montague who was secretary. It was thus a “close corporation” in the popular sense of that term; cases defining…