Rahemi Taghipour and Jerez, his brother, formed Taghipour and Associates, LLC, in Utah. The agreement of the
Question:
Rahemi Taghipour and Jerez, his brother, formed Taghipour and Associates, LLC, in Utah. The agreement of the LLC designated Jerez as manager of the limited liability company. The operating agreement between the LLC members stated that no loans could be made in the name of the LLC unless authorized by a resolution of all the members. Jerez obtained a loan on behalf of the LLC from Mt. Olympus without the other members’ knowledge. Jerez failed to make loan payments, the LLC defaulted, and thus Mt. Olympus foreclosed on the LLC’s property. The other members of the LLC sued Jerez. What should Jerez have done differently?
Step by Step Answer:
Dynamic Business Law
ISBN: 9781260247893
5th Edition
Authors: Nancy Kubasek, M. Neil Browne, Daniel Herron, Lucien Dhooge, Linda Barkacs