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Business Organizations Keyed to Smith
Haley v. Talcott
Citation:
864 A.2d 86 (2004).Facts
Haley and Talcott formed a joint venture: the Redfin Grill. The grill was located on land which they had an option to purchase, and the two formed a LLC to accomplish this goal: Matt & Greg Real Estate, LLC, with each owning half of the company. The LLC took out a mortgage to finance the purchase, with each individuals signing personal guarantees for the entire mortgage amount.
The two had a series of disputes, which ultimately resulted in the two no longer communicating with each other, and the LLC effectively paralyzed as each owned 50%. The two had signed an LLC agreement which included an exit clause. The clause did not state who would retain control of the LLC in the event of a dispute between members. Haley sought to dissolve the LLC, as a way to alleviate his personal debt incurred.
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