Terminating a corporation or LLCBy John D. GutzkeBusiness Advice and Financial Planning, February 2014An overview of the steps required to close a business.
United States Supreme Court clarifies what it means to be at homeBy Barry P. KaltenbachCorporate Law Departments, February 2014Last month’s United States Supreme Court ruling in Daimler AG v. Bauman clarified certain language from a previous case, the end result being that Illinois might be home to fewer businesses than it had previously thought—at least for purposes of personal jurisdiction.
Essential estate planning for business ownersBy Michael C. FoltzBusiness Advice and Financial Planning, September 2013The conventional estate plan addresses the disposition of assets and mitigation of taxes, while business owners require estate planning and business succession documents that compliment one another.
The Internet is expanding—Four things your clients need to knowBy Jordan A. ArnotCorporate Law Departments, August 2013This article explains how the Internet is changing, and what you and your clients need to do right now to avoid the embarrassing consequences of missing the boat.
Compliance projectsBy Jennifer ZordaniBusiness and Securities Law, July 2013A list of steps that help assess the type of compliance project a firm should undertake.
Action to “pierce corporate veil” fails—Another creditor spurnedBy Stephen M. ProctorBusiness and Securities Law, June 2013The recent case of On Command Video Corporation v. Samuel J. Roti follows other cases in which the 7th Circuit has shown itself decidedly unfriendly to creditors who sought compensation through the courts in failed business ventures but could have, but failed, to prevent their unfortunate situation.
Lessees and superfund liabilityBy Gene SchmittgensBusiness Advice and Financial Planning, June 2013In December of last year, EPA published new guidance which clarifies that a lessee is entitled to assert the bona fide prospective purchaser defense.
Insurance coverage for IP-related business claimsBy Dale R. KurthCorporate Law Departments, May 2013It is important to have some understanding of what is covered, what is not, and what the basics of making an insurance claim are.
Negotiating terms & conditions for the sale of goods: A seller’s perspectiveBy Tron M. RossBusiness and Securities Law, May 2013This article examines sales of goods from a seller’s viewpoint and proposes that focusing on the issues presented herein will provide “adequate” protection for the selling party.
Statute of Frauds defense fails based on course of dealingBy Stephen M. ProctorBusiness and Securities Law, May 2013The recent case of Irvington Elevator Company, Inc. v. Robert Heser et. al. illustrates the importance of a binding written contract, to avoid the statute of frauds.
Caselaw updateBy Laura D. MrukLabor and Employment Law, October 2012The Seventh Circuit found that forcing a pregnant employee to take an unpaid leave of absence due to her inability to perform essential job functions constitutes a materially adverse employment action, even if it was done pursuant to official company policy.
Gift tax annual exclusion concerns when conveying business interestsBy Hugh F. DrakeTrusts and Estates, October 2012A recent Tax Court decision in Wimmer v. Commissioner holds that limited partnership interests gifted over a period of years qualified for the gift tax annual exclusion due to the receipt of income distributions from the partnership.
Gift tax annual exclusion concerns when conveying business interestsBy Hugh F. DrakeBusiness Advice and Financial Planning, September 2012A recent Tax Court decision in Wimmer v. Commissioner holds that limited partnership interests gifted over a period of years qualified for the gift tax annual exclusion due to the receipt of income distributions from the partnership.
Section Council legislative updateBy James S. PetersBusiness Advice and Financial Planning, September 2012This article reviews the positions the Council has taken on several recent pieces of legislation.
Creditors’ rights against a member’s interest in an LLCBy Charles W. MurdockCommercial Banking, Collections, and Bankruptcy, August 2012Effective January 1, 2012, the Code of Civil Procedure was amended to add a new provision by which the remedy of a charging order could be obtained, inter alia, by serving a citation to discover assets, either on the judgment debtor or against any third party who possesses property belonging to the judgment debtor.
The nightmare scenarioBy Michael G. CortinaCommercial Banking, Collections, and Bankruptcy, August 2012Rather than trying to “get one by” the judge and hope that s/he does not notice that we forgot something, we should strive to prove that we have done all that could possibly be required of us and that when we ask for relief from the court the judge will know that we are entitled to such relief.
The nightmare scenarioBy Michael G. CortinaReal Estate Law, August 2012Rather than trying to “get one by” the judge and hope that s/he does not notice that we forgot something, we should strive to prove that we have done all that could possibly be required of us and that when we ask for relief from the court the judge will know that we are entitled to such relief.
Piercing the corporate veil; When?By Rich LarsonCommercial Banking, Collections, and Bankruptcy, July 2012It seems clear, under Illinois law, that corporate veil piercing is not permitted in supplementary proceedings, and if the federal courts are to follow the rule, there should be no veil piercing in federal supplementary proceedings based upon Illinois law either.
Creditors’ rights against a member’s interest in an LLCBy Charles W. MurdockBusiness and Securities Law, June 2012Effective January 1, 2012, the Code of Civil Procedure was amended to add a new provision by which the remedy of a charging order could be obtained, inter alia, by serving a citation to discover assets, either on the judgment debtor or against any third party who possesses property belonging to the judgment debtor.
Creditors’ rights against a member’s interest in an LLCBy Charles W. MurdockBusiness and Securities Law, June 2012Effective January 1, 2012, the Code of Civil Procedure was amended to add a new provision by which the remedy of a charging order could be obtained, inter alia, by serving a citation to discover assets, either on the judgment debtor or against any third party who possesses property belonging to the judgment debtor.
Creditors’ rights against a member’s interest in an LLCBy Charles W. MurdockTrusts and Estates, June 2012Effective January 1, 2012, the Code of Civil Procedure was amended to add a new provision by which the remedy of a charging order could be obtained, inter alia, by serving a citation to discover assets, either on the judgment debtor or against any third party who possesses property belonging to the judgment debtor.
Thin ice: Avoiding missteps with the Foreign Corrupt Practices ActBy Marlene Fuentes & Gregory G. ThiessCorporate Law Departments, June 2012A brief overview of the pertinent provisions of the FCPA used as part of FCPA enforcement efforts, a summary of some of the most recent enforcement cases and results, and some tips for companies and their counsel to assure that their day-to-day business activities will not become the subject of a future investigation or prosecution.
Acquiring a family-owned business: The devil hides in the due diligenceBy John J. TufanoCorporate Law Departments, May 2012Understanding the interplay between family desires and business decisions can help a buyer more thoroughly value the risks and benefits of acquiring a family-owned business.
IRS proposes new regulations under Code § 2032—Alternate Valuation for Estate Tax PurposesBy Hugh F. DrakeBusiness Advice and Financial Planning, May 2012Under the IRS' recent revisions, post-mortem changes will affect the federal estate tax value of assets only if they are attributable to 1) economic or market conditions or 2) uncompensated theft or casualty losses that are not deducted under Code §2054.
Pancake House’s flippant handling of complaints results in substantial jury verdictBy Nancy E. SasamotoBusiness Advice and Financial Planning, May 2012A recent opinion handed down by the Seventh Circuit Court of Appeals serves as a good reminder to employers that having a policy against sexual harassment and training all new hires will not effectively protect the company if managers ignore or mishandle harassment complaints.
Time to fix your arbitration agreementsBy Brian CasterBusiness Advice and Financial Planning, May 2012Employers with a potentially broad arbitration agreement should have legal counsel review the language to ensure its viability in the wake of the NLRB's recent and potentially far-reaching decision.
New Illinois Business Laws for 2012By William A. PriceBusiness and Securities Law, April 2012Recent changes of interest to business law practitioners.
