Question
MNOPQ, LLC (MNOPQ), is a member-managed LLC that runs an automobile repair business. MNOPQ has five members: Mike, Nick, Omar, Peggy, and Quinn. MNOPQ does
MNOPQ, LLC ("MNOPQ"), is a member-managed LLC that runs an automobile repair business. MNOPQ has five members: Mike, Nick, Omar, Peggy, and Quinn. MNOPQ does not have any provisions in its operating agreement that would change the provisions of ULLCA. Mike has a 30% interest in the profits of MNOPQ, Nick has a 10% interest, Omar has a 20% interest, Peggy has a 25% interest, and Quinn has a 15% interest. One day, Nick told the other members that he thought that the partnership needed to buy a new auto repair diagnostic computer, at a cost of $1,000.
What (and whose) approval is needed for this decision?Explain
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i In a membermanaged LLC like MNOPQ decisions related to the ordinary course of business such as pur...
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Smith and Roberson Business Law
Authors: Richard A. Mann, Barry S. Roberts
15th Edition
1285141903, 1285141903, 9781285141909, 978-0538473637
