The Illinois General Assembly amended the General Not for Profit Corporation Act. Corporations that report grants of $1 million or greater to other charitable organizations must collect and post the aggregated demographic makeup of their officers and directors to their public website if such a public website exists.
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.
Yes, you can depose a corporation, and Illinois Supreme Court Rule 206(a)(1) sets out the process. The bad news: Illinois courts have said little about the Rule. The good news: Plenty of federal rulings have interpreted FRCP 30(b)(6), the model upon which the Illinois rule is based.
Amendments to the Limited Liability Company Act (805 ILCS 180/50-10) reduce some fees in the fee schedule for limited liability companies filing documents with the Secretary of State to match the fees for similar documents in the fee schedule for corporations.
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 General Not For Profit Corporation Act of 1986 has been amended to allow for the formation of nonprofits for the purpose of cooperatively owning and operating agriculture-based anaerobic digestion systems.
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.
Should shareholders who have no relationship with a corporation's lawyer be able to bring a legal malpractice suit on behalf of the entity? This author says "no."
Drag-along rights let majority shareholders force others to sell at the same price and on the same terms, making the shares more valuable. The author argues they should be enforceable in Illinois and offers a checklist for drafting drag-along provisions.
Low-profit LLCs - "L3Cs" - can attract investment that conventional nonprofits cannot, and Illinois is one of the few states that allow them. Here's how they work.
Many companies promise officers and directors an advance of litigation expenses for suits filed against them. But employers may be surprised by the potential costs of this perk.
On November 5, 2010, the Appellate Court of Illinois, Fourth District, reversed and remanded a decision of the Circuit Court of Champaign County, finding personal jurisdiction over a California corporation in a retaliatory discharge case.
When they're sued, corporations and their officers often turn to the corporation's lawyer. But look out for conflicts of interest before you undertake joint representation.
Help your corporate clients understand the importance of - and comply with - formalities such as preserving minutes, buying enough insurance, and the like.
