By Andrew R. Schwartz | Published July 15, 2021 | Posted in Business Law | Tagged Tags: closely held corporations, Illinois Business Corporation Act, minority shareholder | Comments Off on Minority Shareholders in Close Corporations May Have Fiduciary Duties
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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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