Homework14Assignment - Hanyu Xu GBL 323 Intro to Business...

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Hanyu Xu GBL 323 Intro to Business Law Section 004 Mar 31, 2016 HOMEWORK 14 Business Organizations 1. A Northberry Properties, Inc., and others (collectively, the Northberry group) owned, managed, and developed real property. Gene Pocker and The Pocker Group, Inc. (the Pockers), also developed real property. The Northberry group entered into agreements with the Pockers concerning a large track of property in Austin County, Florida. The parties formed LLCs, including Ballstone, LLC, the LLC Group) to develop various parcels of the track for residential purposes. The operating agreements provided that “no Member shall be accountable to the [LLC] or to any other Member with respect to [any other] business or activity even if the business or activity competes with the [LLC’s] business.” The Northberry Group entered into agreements with other parties to develop additional parcels within the track in competition with the LLC Group. The Pockers filed a lawsuit in a Florida state court against the Northberry Group, alleging, among other things, breach of fiduciary duty. What duties do the members of an LLC owe to each other? Under what principle might the terms of an operating agreement rule? Please briefly discuss. See case Stoker v. Bellemeade, LLC, 272 Ga.App. 817, 615 S.E.2d 1 (2005).
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