Like a corporation, a Limited Liability Company (“LLC”) forms a structure for a business.
This week, justice was done in the 4th District Court of Appeal, in that a Managing Member of an LLC was frustrated from his effort to gain an unfair advantage over an investor to his LLC.
The Managing Member settled with the Bank, bought the Mortgage, and then substituted his own company for the Bank. Then he proceeded to get a judgment against the innocent investor, who made the mistaking of guaranteeing his loan.
The three Judges of the Court of Appeal saw through the malarkey and reversed the ill-begotten judgment.
We won again!