Book Title
10th Edition
ISBN: 9781337605656
Author: CROSS
Publisher: CENGAGE L
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Question
Chapter 17, Problem 1BS
Summary Introduction
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.
Summary Introduction
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.
Summary Introduction
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.
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At the same time, Luke is very disgruntled that the company is planning on going into the business of selling auto parts as well, and said that this is in breach of the Memorandum of Association's Objects Clause which states: "To repair, service and provide diagnostics to all types of motor vehicles, and to…
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