In our Risk Management Update of December 23, 2015, we discussed an Illinois case that had to decide when a successor entity purchasing the assets of
Judge Easterbrook, Chief Judge of the Seventh Circuit Court of Appeals, is known for his sharp pen and his acerbic comments to legal counsel representing the parties before the Seventh Circuit.
A recent 7th Circuit Court of Appeals decision shows the risks of dealing with an entity known to be insolvent and demonstrates that claimants, however deserving, can expect little sympathy from the courts.
A limited liability company is commonly regulated by an operating agreement.
Persons or entities who want to join together in a new business venture have many legal alternatives to their structure.
Persons who want to form a business entity, such as a corporation or limited liability company, usually have a reason why they want to do so and what they want it to do.
"Fiduciary duty" is a frequently used legal term that, in practice, can have a very fuzzy meaning.
Recently, a new form of entity has been proposed in Illinois.