Question A. Wild West Properties owned, managed, and developed real property. The Stork Group also developed real property. Wild West entered into an agreement with the Stork Group concerning a large tract of property in Davis County, Utah. The two parties formed limited liability companies (LLCs) to develop various parcels of the tract 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." Wild West then entered into agreements with other parties to develop additional parcels within the tract in competition with the LLC group. The Stork Group filed a suit in a state court against Wild West Properties alleging a 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 alter these duties? In whose favor should the court rule? Discuss.

Part 2

a.Find and list the Utah Code dealing with Limited Liablity Companies. (hint this code is a revised code that was enacted in 2013)

Answer the questions below and list the Utah code citation for each answer for the following:

b. Set forth what information is needed in the articles of organization for a Utah LLC.

C. How is the effective date of the filing of the Articles of Organization for a Utah LLC determined?

D.How does a LLC organized in another state transfer its organization to the state of Utah?

E.In a managment by manager LLC, the inital managermustbe determined and listed when?

F.What must happen in order for two LLC's to come together as one entity?

G.If there is no written agreement determining how profitsare distributed within the LLC, then profits will be distributed how?

H.What must happenin order for a member to receive payment on their "member interest."