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Effective Debt Collection Strategies for Small Businesses

Client 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

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Minority Shareholders in Close Corporations May Have Fiduciary Duties

Corporate 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

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Pending Illinois Legislation Would Further Limit Covenants Not to Compete

Illinois 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

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Resolving Disputes Between Co-owners of a Small Company

Co-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

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Can the Coronavirus Pandemic Excuse Performance of Contractual Obligations?

COVID-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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Common Issues in Breaking Up Recently Founded Companies

No one goes into a business venture expecting it to fail, but any number of reasons can cause a recently-founded company to break up. Work styles or personalities may conflict or the founders may discover that they have different visions. You might also find that communication is strained or your co-founder isn’t contributing as much Read More

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Tom Kanyock Shares Business and Corporate Litigation Insights in ABA Publication

Tom Kanyock shared insights as a contributing author in Recent Developments in Business and Corporate Litigation published by the American Bar Association’s Business and Corporate Litigation Committee.

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How Will Coronavirus Affect Contractual Relationships and Obligations?

The coronavirus pandemic has disrupted practically every aspect of American life. Whether closed by government order or public safety concerns, millions of businesses around the country have come to a screeching halt.

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ESI Discovery Issues in Business Litigation

Electronically stored information (ESI) has revolutionized the business world. Unfortunately, the law has not entirely caught up.

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FAQs About Corporations

What is a “corporation”? A corporation is a type of business organization recognized by Illinois law.  Shares of stock evidence its ownership, and the owners are called “stockholders” or “shareholders.”

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