Question: Juan Min Yi and Chelsea form Unlimited LLC a limited
Juan, Min Yi, and Chelsea form Unlimited, LLC, a limited liability company that operates a chain of women’s retail clothing stores that sell eclectic women’s clothing. The company is a manager managed LLC, and Min Yi has been designated in the articles of organization filed with the secretary of state as the manager of Unlimited, LLC. Min Yi sees a store location on Rodeo Drive in Beverly Hills, California, that she thinks would be an excellent location for an Unlimited Store. Min Yi enters into a five year lease on behalf of Unlimited, LLC, with Landlord, Inc., the owner of the store building, to lease the store at $ 100,000 rent per year. While visiting Chicago, Chelsea sees a store location on North Michigan Avenue in Chicago that she thinks is a perfect location for an Unlimited store. Chelsea enters into a five year lease on behalf of Unlimited, LLC, with Real Estate, Inc., the owner of the store building, to lease the store location at $ 100,000 rent per year. Is Unlimited, LLC, bound to either of these leases?
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