John, Lesa, and Trevor form a limited liability company. John contributes 60 percent of the capital, and
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John, Lesa, and Trevor form a limited liability company. John contributes 60 percent of the capital, and Lesa and Trevor each contribute 20 percent. Nothing is decided about how profits will be divided. John assumes that he will be entitled to 60 percent of the profits, in accordance with his contribution. Lesa and Trevor, however, assume that the profits will be divided equally. A dispute over the profits arises, and ultimately a court has to decide the issue. What law will the court apply? In most states, what will result? How could this dispute have been avoided in the first place? Discuss fully.
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Business Law Today Comprehensive Text And Cases Diverse Ethical Online And Global Environment
ISBN: 9781285428932
10th Edition
Authors: Roger LeRoy Miller
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