Finding that women and minorities are largely underrepresented in positions of corporate authority, the General Assembly amended the Business Corporation Act of 1983 to require domestic corporations and foreign corporations with a principal executive office in Illinois to provide additional information about their board members and executive officers in their annual reports.
Attorneys who have business clients or who are forming businesses in Illinois now have new strategic opportunities when drafting operating agreements, thanks to recent Illinois Limited Liability Company Act amendments.
A foreign corporation does not subject itself to Illinois general jurisdiction by registering to do business in Illinois under the Business Corporation Act of 1983, 805 ILCS 5/1.01 et seq. (2012).
A review of key issues that arise when clients seek to open an Illinois cannabis dispensary, including regulatory requirements, intellectual property protection (patents, trade secrets, and trademarks), and – importantly – attorneys' ethical concerns.
Among other changes, the new law - which draws from the Revised Uniform Limited Liability Company Act - would allow LLC members and managers to waive some fiduciary duties.
Non-resident business owners should be aware that amendments to section 3380 of 86 Ill. Adm. Code 100 (eff. Jan. 5, 2016) enacted new rules for the treatment of gains and losses from hedging transactions.
When you represent a corporation, do you also represent the officers and directors? May you represent them individually? These and related ethical questions arise when your client or opponent is a corporation.
The Office passed the new rulemaking in order to bring the Attorney General's rule in line with amendments made by Pub. Act 0098-1076 to 30 ILCS 500, Illinois Procurement Code. 44 Ill. Adm. Code 1300 (eff. Feb. 11, 2016).
Small business owners will soon have a new way to raise capital from small investors, one that resembles Kickstarter but allows contributors to get an equity stake.
Co-operative purchasers of corporate stock may now purchase an increased number and value of shares. Co-operative purchasers are those who form "any co-operative association for the purpose of purchasing of or selling to all shareholders and others."
Damage awards can take years, and Illinois' prejudgment interest statute doesn't always apply. Why not include a prejudgment interest provision in contracts for your business clients?
On December 20, 2013, the Illinois First District Appellate Court, as a matter of first impression, held that the sole member of a limited liability company (LLC) that sold a condominium unit was not personally liable for alleged frauds committed by that LLC.
The General Not For Profit Corporation Act of 1986 has been amended to impose new requirements on nonprofit corporations organized for the ownership or administration of a residential cooperative property.
The Illinois Secretary of State recently updated the forms that may be used in UCC filings, and the font and case requirements for preparations of these forms. 14 Ill. Adm. Code 180.12.
Should your client organize as a corporation? An LLP? An LLLP? An L3C? This back-to-basics article identifies the entities and the factors to consider when choosing among them.
The federal successor-liability doctrine makes a buyer company responsible for the seller's Fair Labor Standards Act liability even if state law would hold otherwise, the seventh circuit rules.
On March 8, 2013, the Illinois Appellate Court, First District, held there must be evidence that a principal indicated an agent was authorized to bind the principal to a contract prior to its signing, or that the principal had knowledge of the contract, for the principal to be liable under claims of apparent authority or ratification.
The volunteer Institute promotes business-friendly legislation, including a new act that lets the secretary of state dissolve partnerships and makes other small but helpful changes to business laws.
Family businesses are the backbone of today's corporate world, but lawyers who counsel them must deal with some very "noncorporate" emotional and psychological issues.
