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The process of selling or purchasing a business can be complex. While there are many legal documents that may be involved in the transaction, the terms, conditions, and provisions that go into a business purchase agreement are critical. Whether you’re the buyer or seller, a well-drafted purchase agreement can protect your interests, safeguard your legal…

If your business has prevailed in a lawsuit and you were awarded a judgment against a supplier, customer, or another company, the next step is to collect the amount you are owed. But you might be wondering how to collect on a judgment if it was issued in another state. In these cases, enforcing the…

Directors and officers of a corporation, as well as managers and members of an LLC, must always act in the best interests of the company. A derivative lawsuit is a mechanism that can be used to protect shareholders from abuse by a corporation’s officers and directors by ensuring accountability when those in control fail to…

Shareholder oppression occurs when the majority shareholders or directors of a nonpublic corporation act in a manner that is oppressive, fraudulent, or illegal toward the minority shareholders. Such actions can be detrimental to individual minority shareholders and the company as a whole. In such cases, the aggrieved parties are afforded a number of remedies under…

Trusts can be an effective way to bequeath property and assets to loved ones while avoiding the stress and cost of the public probate process. However, there may be instances where a trust might be challenged in court. If you are considering contesting a trust in Illinois, it’s essential to understand that there are certain…

During the course of doing business, disputes are not uncommon. Whether it’s a breach of contract, intellectual property matter, conflict between partners, or disagreement over finances, a commercial dispute can be time-consuming and costly. However, there are a few steps business owners can take if they believe litigation is anticipated. Take Immediate Action If you…

Business partnerships can come with many benefits and help owners accomplish much more than they would as a sole proprietor. But partners will rarely agree on everything all the time, and business disputes are not uncommon. Unfortunately, when difficult scenarios arise, the company’s future and its bottom line can be placed at risk. It’s important…

A trust can be a powerful tool to safeguard a settlor’s assets and reduce tax consequences for their loved ones. While these instruments can ensure the settlor’s property is protected and their wishes are met, it’s important to understand that there are some instances where these documents might be challenged. Significantly, if a settlor lacked…

Contracts usually outline the terms of a deal and provide a legal remedy in the event there is a dispute. However, under Illinois law, a party may still be entitled to commence a legal action in the absence of a contract to recover their damages should there be a conflict. Quantum meruit and unjust enrichment…

When people think of business theft — also referred to as embezzlement — criminal activity is usually what comes to mind. While embezzlement is typically a white-collar crime that can come with serious legal ramifications, including jail time and substantial fines, a business partner who embezzled or stole money can also be held civilly liable…