Illinois Shareholder Agreements

Shareholder Agreement Lawyers in Chicago Shareholder agreements go beyond the provisions contained in most corporate bylaws and minutes.  They are recommended for most small corporations to help provide structure in common issues such as salaries of shareholders who are also employees; expense reimbursements; providing a structure in the event a shareholder is no longer an…

Doing Your Duty

A concept that frequently comes up in shareholder and partner disputes is that of fiduciary duty.  In legal contexts, fiduciary duty means the obligation you have to act in someone else’s best interest.  The executor of an estate, for example, has the duty to act in accordance with the wishes of the decedent and for…

What Makes Fair Value Fair?

The Illinois Business Corporation Act (BCA) is often the chiefly relevant law in cases of shareholder disputes and minority oppression.  The Act, in addition to laying out various provisions for how corporations register with the Illinois secretary of state and other requirements of diligence, delineates the causes in which the courts are justified in intervening…

Waste

In Illinois, the chief law relevant to most shareholder disputes is the Illinois Business Corporation Act (BCA).  In addition to details about annual reports and incorporation, the BCA outlines causes of action to justify court intervention in a company.  In the context of a shareholder dispute, these often form the basis of claims in court,…

Shareholder Oppression

We’ve blogged in the past about shareholder and partner disputes, the situations that can see them arise, the various ways they can advance to trial, and how they ultimately end.  Something we haven’t touched on very much before are the legal particulars, the specific acts on the part of the majority in a squeeze or…