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Contracts are fundamental to every business relationship. They define each party’s rights, responsibilities, and obligations in a transaction — and help prevent misunderstandings. When contracts are poorly drafted or fail to address all possible issues, breaches may occur that can result in both parties incurring significant costs and consequences. Here are several tips to keep…

There are a variety of risks that can come with being a minority shareholder. Despite not having the same power or control over a corporation as majority shareholders, minority shareholders still have several rights and remedies under Illinois law. If you own a non-controlling interest in a corporation or an LLC, it’s essential to understand…

Not every limited liability company lasts indefinitely. No matter how much time and effort you put into building your business, there may come a time when you decide it’s the right time to close it. However, it’s important to understand that there are certain steps that must be followed when it comes to dissolving an…

Members of an LLC, business partners, corporate officers, and directors have a fiduciary duty of loyalty to act in the best interests of the company. One of the most important obligations that a fiduciary must uphold in business is to avoid conflicts of interest and engaging in self-dealing. Simply put, self-dealing is illegal conduct that…

Although Illinois is an at-will employment state, contracts are a crucial component of the employer-employee relationship. An employment contract can set forth the rights of both parties, outline an employee’s pay and benefits, and state the terms and conditions of employment. These documents can have significant legal implications and it’s essential to ensure that they…

From conflicts with partners to breaches of contract, every business owner can expect to encounter a dispute at some point. Legal disputes involving your company can be costly and time-consuming — and it’s important to identify and address these matters as soon as they arise. While a knowledgeable business dispute attorney can answer your questions…

Illinois law provides crucial protections to both businesses and consumers to help ensure they are safeguarded from deception, fraud, and concealment when it comes to trade and commerce. The Uniform Deceptive Trade Practices Act limits the use of deceptive trade practices during the course of business. Under this statute, a party who has been injured…

Members of a Limited Liability Company (LLC) owe certain fiduciary duties to the LLC and each other under Illinois law. Among the most important are the duties of care and loyalty. Unfortunately, LLC members can sometimes violate their fiduciary duties to the company by placing their own interests above the interests of the company or…

When you own a small business, nothing is as important as your bottom line — and when clients or other parties owe you money, it can significantly impact the success of your business and your cash flow. While small businesses may not have the same resources as larger companies and corporations to collect a debt,…

When a multi-member LLC is formed, members usually have the best intentions. But disputes can sometimes arise when members don’t agree on how the business should be operated — or members with a controlling interest engage in conduct that is oppressive to the minority members. Conflicts can also occur when a controlling LLC member excludes…