Johannsen v. Utterbeck

W. JONES, Justice.

I. FACTUAL AND PROCEDURAL BACKGROUND

In early 2001, Robert Utterbeck (“Appellant”) and Robert Johannsen (“Respondent”) formed Brookside, LLC (“LLC”) to develop the Brookside subdivision (“Brookside”). Soon thereafter the parties executed the LLC Operating Agreement, which includes the following relevant clauses:

2.04. Capital Contributions. A member’s capital contributions to the Company may consist of cash, property, services rendered, or a binding written promise to contribute cash, property or services in the future. The value of all capital contributions shall be…