Put the Trust in Trustee – Trustee Responsibilities and Beneficiary Rights as Told Through Tony Bennett’s Estate
Whether you are a trust beneficiary or the trustee, you need to know what that means to avoid issues and potentially costly expenses. Trustees have duties—both in the law and outlined in the trust agreement. Beneficiaries have rights—also in the law and outlined in the agreement. These rights and responsibilities aren’t taught in school. So, […]
Understanding Books and Records Requests Under Illinois Law
Illinois businesses—whether structured as corporations, partnerships, or limited liability companies (LLCs)—must maintain accurate and accessible records. Stakeholders, including shareholders, partners, and members, have the right to request access to these records for review and verification. Access to a company’s books and records is an essential right for shareholders, members, or partners; this access allows you […]
M&A Disputes: Common Post-Closing Legal Disputes
Mergers and acquisitions (M&A) are complex transactions, often involving millions or even billions of dollars. Legal disputes can arise long after the ink has dried on the final agreement, and the consequences can be significant for all parties involved. The specific challenge can take several different forms, but the most frequent legal claim post-closing is […]
The Important Fiduciary Relationship – Burden Shifting in a Fiduciary Duty Setting
The fiduciary relationship requires trust, and the law recognizes the unique relationship and aims to protect it. A fiduciary will have a heightened burden of proof if he or she engages in transactions involving the beneficiary or subservient party. If you are a fiduciary, or are the beneficiary of a fiduciary relationship, its important to […]
Contract Disputes Against Large Companies – When Goliath Breaches a Contract With David
So, you’re a business owner and you have a contract with a large company. You recently had an issue with how Goliath performed their obligations under the contract—perhaps because Goliath hasn’t paid, or maybe Goliath made unreasonable requests outside the scope of the contract. In this David versus Goliath scenario, you (i.e., David) may feel […]
Protecting Your Business and Keeping the Competition Honest Online
The Illinois Uniform Deceptive Trade Practices Act (815 ILCS 510/1) is a lesser-known Illinois statute that can help protect your business from a competitor’s unfair tactics. For example, perhaps your former business partner may advertise your reputation or successes as their own. Or, perhaps a competitor lied about their product quality or service success to […]
What to do if someone is trying to force you out of your Illinois corporation?
If you’re a shareholder of a privately held (i.e., not publicly traded) company and your co-shareholders are excluding you from important decisions, are being uncooperative, areimproperly taking money from the company, or are taking other improper actions, section 12.56of the Illinois Business Corporations Act (and a lawyer) may be able to help. Section 12.56 of […]
What is a breach of fiduciary duty?
A fiduciary duty can arise in various ways. It can arise automatically from specific relationships,like a trustee of a trust, who has a fiduciary duty to the trust beneficiaries. Likewise, a generalpartner in a partnership typically owes a fiduciary duty to his partners, and an agent representing you in a business deal may have a […]
Partnership Disputes: What to do if a business partner steals from the business?
You are a partner in a partnership and suspect your partner is stealing from the business.Alternatively, perhaps you are a member/manager of an LLC and suspect a member/manager isstealing from the business. This situation requires action. This article is here to empower youwith knowledge of your options. Types of Theft 1) Breach of Fiduciary Duty […]
Breach of Contract: What to Do When You Suspect a Breach of Contract
As a business owner or manager, you’ve likely encountered situations where you’ve contractedwith another business for goods or services, but the goods or services weren’t appropriatelyprovided. This article is designed to equip you with the knowledge you need to handle asuspected breach of contract. An Oral Contract vs. a Written Contract If you don’t have […]