Paul G. asked
John, Lesa, and Trevor form a limited liability company. John contributes 60% of the capital, and Lesa and Trevor each contribute 20%. Nothing is decided about how profits will be divided. John assumes he will be entitled to 60% of the profits, while Lesa and Trevor assume equal division. A dispute arises, and a court must decide the issue. What law will the court apply? What will result in most states? How could this dispute have been avoided?
August 23rd, 2023
Tiffany G. answered
The court will apply state law, specifically Florida law in this case, as the LLC is formed in Flori...
August 23rd, 2023
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