By Andrew R. Schwartz | Published December 16, 2020 | Posted in Business Law | Tagged Tags: business divorce, operating agreement, original cash contribution, partnership, recently founded company, transfer | Comments Off on Common Issues in Breaking Up Recently Founded Companies
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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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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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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Tom Kanyock Shares Insights on Direct vs. Derivative Standing Issues
Tom Kanyock discussed direct vs. derivative standing issues in Illinois and Delaware during a presentation for the Chicago Bar Association’s Business Divorce and Complex Ownership Committee.
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Claims Against Benefit Plan Sponsors Grow More Sophisticated
Lawsuits against sponsors of retirement plans have been fairly common over the past decade. Typically, these claims involved relatively obvious violations, like excessive costs, negligent oversight and other types of blatant mismanagement.
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Fraudulent Transfer Questions Cast Doubt on Oxycontin Settlement
A tentative settlement involving Purdue Pharma, the maker of Oxycontin, received great fanfare in the media, with the company claiming that it will pay at least $10 billion “to address the opioid crisis.”
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Pension Intercept Requested for East St. Louis Firefighters’ Fund
For the third time since enactment of the Illinois pension intercept law, a municipal employee pension board seeks to have city monies redirected to replenish long-neglected funds.
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Understanding Creditors’ Options When Enforcing Judgments
Whether you’ve won a legal case, performed professional services or leased commercial property to a tenant, collecting the payment often proves to be the toughest part of the task.
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Fraudulent Intent Not Always Necessary to Unwind an Improper Transaction
Creditors may use Illinois’ Uniform Fraudulent Transfer Act (IUFTA) to recover funds improperly shifted by a debtor to a third party.
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Business Oppression Case Divides Family-Owned Construction Company
A major construction company with Illinois roots has demonstrated that serious “business oppression” conflicts can happen even in family-run businesses.
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