![Lms Integrated Mindtap Business Law, 1 Term (6 Months) Printed Access Card Cross/miller’s The Legal Environment Of Business: Text And Cases, 10th](https://www.bartleby.com/isbn_cover_images/9781337093897/9781337093897_largeCoverImage.gif)
Lms Integrated Mindtap Business Law, 1 Term (6 Months) Printed Access Card Cross/miller’s The Legal Environment Of Business: Text And Cases, 10th
10th Edition
ISBN: 9781337093897
Author: Frank B. Cross, Roger LeRoy Miller
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 17, Problem 4BCP
Summary Introduction
Case s ummary: W and J commenced an LLC. At the time of completion of project J demanded dissolution of LLC and buyout by W. W rejected the demand. J filed a case of dissolution on the disagreement in a buyout. Court barred any further work on the project until the dispute was settled. The trial court issued an order of dissolution for LLC as there was an absence of any fraud or frustration of purpose in this case.
To e xplain :Whether issuing forcefull dissolution of LLC by J is a judicious decision on his part.
Expert Solution & Answer
![Check Mark](/static/check-mark.png)
Trending nowThis is a popular solution!
![Blurred answer](/static/blurred-answer.jpg)
Students have asked these similar questions
Marvie, Kim, Clarence, and Goldie Tschetter purchased units in Huron Kitchen LLC, a limited liability company, which would construct and own a Country Kitchen restaurant in South Dakota. As members of an LLC, they had management powers in proportion to their contributions of capital and could elect the managers of the LLC and set the managers’ responsibilities. As LLC members, the Tschetters agreed to hire Country Hospitality Corporation to do much of the operation of the LLC. The LLC Operating Agreement required that the day-to-day decisions were made by two managers, who were required to be members of the LLC and were selected by the other members. Members could authorize loans on behalf of the company by agreement. The members had the right to receive profits and distributions when warranted. The members could authorize incidental expenses within an aggregate of $12,500. The members were empowered to make any other routine actions incidental to the day-to-day activity of the LLC.…
1. Dr. Webber joined the Gelder Medical Group, which was a medical partnership. Part of the agreement was that if for any reason his association with the group ended, he would not practice medicine for five years within 30 miles of the Village of Sidney, where the partnership was located. The agreement also provided that any member could be required to withdraw from the partnership upon a majority vote of the other members. Dr. Webber’s work with the group turned out to be unsatisfactory to his partners, who felt he was an embarrassment to the group. Dr. Webber refused to withdraw from the association after he was terminated by the other physicians. Two months later, despite his earlier agreement, Dr. Webber opened a medical office in Sidney. The partnership brought suit to prevent him from carrying on his practice. Could they do this successfully?
2. Brackenridge Hospital admitted Plaintiff to its intensive care unit following a serious car accident. Medical resident Dr. Villafani…
1. Dr. Webber joined the Gelder Medical Group, which was a medical partnership. Part of the agreement was that if for any reason his association with the group ended, he would not practice medicine for five years within 30 miles of the Village of Sidney, where the partnership was located. The agreement also provided that any member could be required to withdraw from the partnership upon a majority vote of the other members. Dr. Webber’s work with the group turned out to be unsatisfactory to his partners, who felt he was an embarrassment to the group. Dr. Webber refused to withdraw from the association after he was terminated by the other physicians. Two months later, despite his earlier agreement, Dr. Webber opened a medical office in Sidney. The partnership brought suit to prevent him from carrying on his practice. Could they do this successfully?
Chapter 17 Solutions
Lms Integrated Mindtap Business Law, 1 Term (6 Months) Printed Access Card Cross/miller’s The Legal Environment Of Business: Text And Cases, 10th
Knowledge Booster
Similar questions
- Klinicki and Lundgren, both furloughed Pan Am pilots stationed in West Germany, decided to start their own charter airline company. They formed Berlinair, Inc., a closely held Oregon corporation. Lundgren was president and a director in charge of developing the business. Klinicki was vice president and a director in charge of operations and maintenance. Klinicki, Lundgren, and Lelco, Inc. (Lundgren’s family business), each owned one-third of the stock. Klinicki and Lundgren, as representatives of Berlinair, met with BFR, a consortium of Berlin travel agents, to negotiate a lucrative air transportation contract. When Lundgren learned of the likelihood of actually obtaining the BFR contract, he formed his own solely owned company, Air Berlin Charter Company (ABC). Although he continued to negotiate for the BFR contract, he did so on behalf of ABC, not Berlinair. Eventually BFR awarded the contract to ABC. Klinicki commenced a derivative action on behalf of Berlinair and a suit against…arrow_forwardExplain limited-liability company (LLC).arrow_forwarddescribing a Limited Liability Company (LLC) business that would created. Indicate a specific provisions that would be include in the LLC's Articles of Organization.arrow_forward
- To Partner or Not to Partner John Willis, who is 27 and single, had just completed his fifth year of employment as a carpenter for a very small homebuilder. His boss, the sole owner of the company, is Tyrone Young. A few days ago, Tyrone asked John if he would like to become a partner, which he could do by contributing $70,000. In turn, John would receive 40 percent of all prof- its earned by the business. John had saved $30,000 and could borrow the balance from his grandmother at a low-interest rate, but he would have to pay her back within 15 years. John was undecided about becoming a partner. He liked the idea but he also knew there were risks and concerns. He decided to talk to Tyrone at lunch. Here is how the conversation went. John: I've been giving your offer a lot of thought, Tyrone. It's a tough decision and I don't want to make the wrong one. So I'd like to chat with you about some of the problems involved in running a business. Tyrone: Sure. I struggled with these issues…arrow_forwardA, B and C were in general partnership business. Because of wrong decision taken by Mr.C the business got losses, which even the business assets cannot cover those liabilities and all of the partners will be subjected for unlimited liabilities. Who will be liable for the business debts and has to use personal property to pay for the losses. Select one: a. Partner B b. Partner C c. Partner A d. All the partnersarrow_forwardXavier and Ciara form a corporation to provide cleaning services to local businesses. After two years of trying to make a go of the business, the profits they had hoped for are just not there. Xavier and Ciara decide to dissolve the corporation and go their separate ways. To terminate the corporate entity, Xavier and Ciara must: Choose three. -Pay the corporate debts and distribute remaining funds to themselves -File articles of dissolution with the state -Seek a court order for dissolutoin -Vote to terminatearrow_forward
- Chris and Maurice formed a new limited liability company and invested $1,000,000 of equity in an apartment building in Santa Ana, California with Chris investing $950,000 and Maurice $50,000. Their LLC operating agreement provided that: (A) the annual cash distributions would be split 90% to Chris and 10% to Maurice, and (B) the net cash proceeds from the sale of the property would be distributed first to each of them until they have received an amount equal to their original cash investments less any cash distributions they had previously received, then the balance of the net sale proceeds would be split 60%/40% between Chris and Maurice. How much would Maurice receive upon the sale of the property if the sale generates net cash proceeds of $3,250,000 after paying off the mortgage loan, the brokerage commission, and other closing costs, and if the LLC had previously distributed $400,000 collectively to Chris and Maurice? a. $1,110,000 b. $2,180,000 c.$1,060,000 d. $1,070,000arrow_forwardSam and Eleanor Gaito purchased a home from Howard Frank Auman, Jr., in the spring of 2011. Auman had completed the construction of the house in November 2006. In the interim, three different parties had lived in the house for brief periods, but Auman had retained ownership. The last tenants, the Ashleys, experienced difficulties with the home’s air conditioning system. Repairs were attempted, but no effort was made to change the capacity of the air conditioning unit. When the Gaitos moved into the house in June 2011, they too had problems with the air conditioning. The system created only a ten-degree difference between the outside and inside temperatures. The Gaitos complained to Auman on a number of occasions, but extensive repairs failed to correct the cooling problem. In May 2014, the Gaitos brought an action against Auman, alleging that the purchase price of the home included central air conditioning and that Auman had breached the implied warranty of habitability. At trial, an…arrow_forwardAnthony and Karen were partners doing business as the Petite Garment Company. Leroy owned a dye plant that did much of the processing for the company. Anthony and Karen decided to offer Leroy an interest in their company, in consideration for which Leroy would contribute his dye plant to the partnership. Leroy accepted the offer and was duly admitted as a partner. At the time he was admitted as a partner, Leroy did not know that the partnership was on the verge of insolvency. About three months after Leroy was admitted to the partnership, a textile firm obtained a judgment against the partnership in the amount of $50,000. This debt represented an unpaid balance that had existed before Leroy was admitted as a partner.The textile firm brought an action to subject the partnership property, including the dye plant, to the satisfaction of its judgment. The complaint also requested that, in the event the judgment was unsatisfied by sale of the partnership property, Leroy’s home be sold and…arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- BUSN 11 Introduction to Business Student EditionBusinessISBN:9781337407137Author:KellyPublisher:Cengage LearningEssentials of Business Communication (MindTap Cou...BusinessISBN:9781337386494Author:Mary Ellen Guffey, Dana LoewyPublisher:Cengage LearningAccounting 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
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337407137/9781337407137_smallCoverImage.gif)
BUSN 11 Introduction to Business Student Edition
Business
ISBN:9781337407137
Author:Kelly
Publisher:Cengage Learning
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337386494/9781337386494_smallCoverImage.gif)
Essentials of Business Communication (MindTap Cou...
Business
ISBN:9781337386494
Author:Mary Ellen Guffey, Dana Loewy
Publisher:Cengage Learning
![Text book image](https://www.bartleby.com/isbn_cover_images/9780134474021/9780134474021_smallCoverImage.gif)
Accounting Information Systems (14th Edition)
Business
ISBN:9780134474021
Author:Marshall B. Romney, Paul J. Steinbart
Publisher:PEARSON
![Text book image](https://www.bartleby.com/isbn_cover_images/9781947172548/9781947172548_smallCoverImage.gif)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781259929441/9781259929441_smallCoverImage.gif)
International Business: Competing in the Global M...
Business
ISBN:9781259929441
Author:Charles W. L. Hill Dr, G. Tomas M. Hult
Publisher:McGraw-Hill Education
![Text book image](https://www.bartleby.com/isbn_cover_images/9780357026595/9780357026595_smallCoverImage.gif)