Rigil and Antares form RANT LLC. Rigil contributes 35% of th…
Rigil and Antares form RANT LLC. Rigil contributes 35% of the capital, and Antares contributes 65%. After a year of strong profits, Antares assumes she will receive 65% of the profits, in accordance with her capital contributions. Their LLC agreement is silent. Rigil disagrees about how profits will be shared and a lawsuit ensues. What will be the outcome?
Read DetailsDelilah and Philipe enter into a limited partnership in whic…
Delilah and Philipe enter into a limited partnership in which Delilah contributes capital and will manage the operation, and Philipe will just contribute capital. The partnership defaults on a loan held by Overland Bank. Overland Bank sues for breach of contract. Delilah’s liability is:
Read DetailsEllis is chairman of the board of Thatcher Helmets Corporati…
Ellis is chairman of the board of Thatcher Helmets Corporation, a maker of hockey helmets. Sadie, a hockey player, suffers a severe concussion while using a Thatcher helmet. Sadie sues Thatcher Helmets, and Ellis individually. Ellis is entitled to have Thatcher Helmets Corporation pay her legal fees under
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