Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20% , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.
To find: The law applicable to the resolution of a dispute regarding the distribution of profit in an LLC.
Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20 % , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.
To find: The result of not having a specific LLC statute in most of the states.
Case summary:A limited liability company was formed by three persons namely J, L and T contributing proportionally. J contributed 60 percent whereas L and T contributed 20 % , respectively in its capital formation. The profit share of the company was not decided priorly which resulted in a dispute over the distribution of profits.
To find:The ways in which the dispute has been avoided.
Trending nowThis is a popular solution!
Chapter 17 Solutions
The Legal Environment of Business: Text and Cases (MindTap Course List)
- I won't to this question answer general accountingarrow_forwardI need answer of this question solution general accountingarrow_forwardBest Deals Inc. has six CD players in ending merchandise inventory on December 31. The players were purchased in November for $165. The price lists from suppliers indicate the current replacement cost of a CD player to be $162. What would be the amount reported as Inventory on the balance sheet? a. 972$ b. 990$ c. 1800 d. 1890arrow_forward
BUSN 11 Introduction to Business Student EditionBusinessISBN:9781337407137Author:KellyPublisher:Cengage Learning
Essentials of Business Communication (MindTap Cou...BusinessISBN:9781337386494Author:Mary Ellen Guffey, Dana LoewyPublisher:Cengage Learning
Accounting Information Systems (14th Edition)BusinessISBN:9780134474021Author:Marshall B. Romney, Paul J. SteinbartPublisher:PEARSON
International Business: Competing in the Global M...BusinessISBN:9781259929441Author:Charles W. L. Hill Dr, G. Tomas M. HultPublisher:McGraw-Hill Education