By Andrew R. Schwartz | Published March 22, 2023 | Posted in Commercial Litgation | Tagged Tags: corporate veil | Comments Off on Piercing the Corporate Veil to Collect on a Judgment
Piercing the Corporate Veil to Collect on a Judgment
A business often operates as a separate legal entity, such as a corporation or limited liability company, which protects its individual owners from personal liability for the company’s debts or obligations. The liability shield (called a “corporate veil”) encourages business investment by limiting the investors’ potential losses to the funds they put directly into the 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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Literally Taking the Case
In their December 2020 Illinois Bar Journal article, attorneys Andrew R. Schwartz and John Cerney present the following scenario: Without first consulting its lawyers, your firm’s major client, Hapless Client, LLC, entered into a horrible one-sided contract with Sketchy Business, Inc. To make matters worse, Sketchy just filed a contract claim against Hapless to enforce that contract, Read More
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Business Interrupted? There May be Coverage
Business Interrupted? There May be Coverage By John Cerney On March 15, 2020, Governor J.B. Pritzker declared a public health emergency throughout Illinois closing all “non-essential businesses” to address the COVID-19 pandemic. Many businesses insure against losses incurred due to unforeseen events like the pandemic through “business interruption coverage.” Many businesses have submitted claims for Read More
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Fired Agent Files Suit in Illinois Against Baseball Star’s Financial Adviser
J.D. Martinez of the Boston Red Sox is a Major League Baseball All-Star who earned more than $23 million during the 2019 season. Sports agents battle fiercely to represent players with that level of stature and salary. However, a prominent Chicago agent claims that a third-party financial adviser led Martinez to terminate his contract prematurely. Read More
Read MoreResetting the Statute of Limitations for Breach of Fiduciary Duty?
Generally speaking, a “fiduciary” relationship occurs where one person holds or manages assets for another’s benefit.
Read MoreInjunctive Relief for Anticipatory Breach of Contract in the Wrigley Rooftops Lawsuit
Most contract litigation occurs after a breach, when the harm has already occurred. In such cases, the remedy can include monetary damages for losses and equitable relief to prevent future losses.
Read MoreWhen Should Commercial Litigation Go to Federal Court?
Commercial litigants need a litigation strategy before filing suit. Part of that strategy involves targeting the proper court to hear your claim.
Read MoreBusiness Litigation FAQs
What is “business litigation”? We use the broad term “business litigation” to describe any litigation for control of a privately-owned company. Other terms we frequently see are “freeze-outs,” “squeeze-outs,” “business divorces,” “oppression” and “breach of fiduciary duty.”
Read MoreWhat You Need to Know About Condominium Law
What is a “condominium”? Oddly, Illinois’ Condominium Property Act (the “CPA”) does not actually define the term “condominium.”
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