By Andrew R. Schwartz | Published December 22, 2022 | Posted in Business Law | Tagged Tags: business oppression, majority owners, minority owners | Comments Off on How Co-Owners of Small Businesses Can Recognize and Respond to Business Oppression
If you own a minority interest in a small business, whether a partnership, limited liability company or corporation, you’re entitled to have your rights respected by those in effective control of the enterprise. Unfortunately, not everyone in your position is treated as fairly as they deserve. In Illinois, when majority owners of a business engage Read More
Read MoreWinning a lawsuit lets you use court procedures to collect on your judgment. But what if the debtor suddenly claims they don’t have enough money or property to satisfy the debt? The debtor seemed financially healthy until very recently, but now claims poverty. That may signal one or more fraudulent transfers, which are acts of Read More
Read MoreAt the startup of a business, co-owners envision working together productively and profitably. But co-owners frequently encounter a serious impasse over business operations or corporate governance. When disputes arise that prevent the co-owners from doing business together any longer, one of more of them may need to exit the company through a buyout. This often Read More
Read MoreThe saga surrounding former president Donald Trump’s tax returns includes the revelation that, since 2010, his lenders have forgiven roughly $287 million in the debt that financed the Trump International Hotel and Tower in Chicago. The episode underscores the need for lenders to exercise the highest level of diligence when extending credit to borrowers with Read More
Read MoreClient relationships are the lifeblood of your company. Employing well-structured billing procedures and an effective debt collection strategy can prevent interruptions to your cash flow while maintaining healthy client relationships. Billing procedures should include clear written communication of all credit advancement terms and repayment terms, including how often the company will bill the client, the Read More
Read MoreCorporate law provides shareholders protections. Officers and directors of a corporation owe shareholders a fiduciary duty — a legal obligation to refrain from putting their own interests ahead of the shareholders’. In a closely held corporation, majority shareholders usually hold or control the officer and director posts, which means they owe fiduciary duties to minority Read More
Read MoreIllinois lawmakers are considering a measure to exempt more workers from restrictions on seeking new jobs after leaving an employer. The bill would add to the protections set out in the 2016 Illinois Freedom to Work Act, which bans covenants not to compete on certain workers. Both the IFWA and the proposed law follow a Read More
Read MoreCo-owners who had common goals when they started their business may find their paths veering in different directions as time passes. Whether it’s a clash in management styles or business plans, a dispute between co-owners of a small company can interfere with day-to-day operations and possibly imperil the company’s future. Swift and effective resolution of Read More
Read MoreCOVID-19 has had a devastating impact on the U.S. economy, and no less so in the Chicago area. Social distancing guidelines and other restrictions have caused downscaling and other disruption that may leave businesses unable to perform their contractual obligations in whole or in part. When faced with a claimed breach of contract, it may Read More
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