Next Generation Bar Exam Quiz
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BUSINESS ASSOCIATIONS AND RELATIONSHIPS
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Beacon LLC, member-managed, develops a mobile app. Miles, a member, learns from a friend that a small apartment building is for sale. Miles buys the building with his own money, renovates it,andy earns a substantial profit. Beacon has never considered real estate investing, no Beacon funds, employees, or confidential information were used, andthe building was not used in Beacon's business. The operating agreement is silent about outside business activities.
Under the applicable LLC law, did Miles breach his fiduciary duty of loyalty to Beacon?
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