Equity Agreement Document Without Comments In Utah
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Under this standard, a court will uphold the decisions of a director as long as they are made (1) in good faith, (2) with the care that a reasonably prudent person would use, and (3) with the reasonable belief that the director is acting in the best interests of the corporation.
The business judgment rule protects companies from frivolous lawsuits by assuming that, unless proved otherwise, management is acting in the interests of the corporation and its stakeholders. The rule assumes that managers will not make optimal decisions all the time.
In an opinion recently published by California's Second Appellate District — Tuli v. Specialty Surgical Center of Thousand Oaks, LLC — the Court confirmed that the business judgment rule (as described above) applies in LLCs too.
Utah law requires an equitable division of marital property. Equitable means fair, which is not necessarily equal. If the parties agree as part of the divorce or annulment how to divide their property, the judge must review the agreement to be sure that it is fair.
The rule is a defense to a claim of liability for corporate actions.
Most management actions are protected from judicial scrutiny by the business judgement rule: absent bad faith, fraud, or breach of a fiduciary duty, the judgement of the managers of a corporation is conclusive.
With that said, the general rule, even for short-term marriages, is 50/50 division. However, in some very short-term marriages, the courts may put spouses back into the financial position they were in before the marriage – that is, each spouse gets the asset that belonged to him/her at the beginning of the marriage.
Property is divided by the Utah courts during a divorce. Divorce laws in Utah state that marital property should be divided equitably. This means that a Utah court could decide that it is fair to split the marital property 50-50, or they may decide that one party deserves more than 50% of the property.
It is possible for a buyer to back out of a signed real estate contract with a seller, but there may be serious consequences. The best way to protect yourself is to build contingencies into the contract upfront, before signing.
I would send an email to the main person laying out your concerns and asking them to release you from the contract. Don't mention the other realtor, just state the facts that you don't feel like you are getting the service that you expect, don't feel the contract is mutually beneficial and ask for a release.
