The Secretary of State has amended the rules governing the Business Corporation Act (Act), 805 ILCS 5/1.01 et seq, and has added a section that concerns amending a previously filed annual report.
On March 8, 2007, the Illinois Appellate Court, First District, affirmed the Circuit Court of Cook County's dismissal of the plaintiffs' breach of fiduciary claims against members of Bank One's board of directors.
On February 16, 2007, the Illinois Supreme Court affirmed the decision of the Illinois Appellate Court, First District, reversing the Circuit Court of Cook County's order of summary judgment for defendant Clark USA (CUSA).
Under the direct participant theory, recently adopted by the Illinois Supreme Court, a parent business that guides its subsidiary's activities may be liable for the subsidiary's torts.
Can the non-employee spouse make a claim for reimbursement to the marital estate from the retained earnings of a closely held corporation? This article considers the question.
On September 27, 2006, the Illinois Appellate Court, First District, upheld the Circuit Court of Cook County's findings that the appellees, Hallman and McQueen, did not violate their fiduciary duties as former employees of Cooper Linse Hallman Capitol Management, Inc (Cooper).
The Illinois Supreme Court ruled that officers and directors aren't liable under the Illinois Wage Payment and Collection Act for employees' unpaid vacation time and severance pay.
On April 13, 2005, the Illinois Appellate Court, Fifth District, reversed the Circuit Court of Lawrence County's decision finding personal jurisdiction over a successor non-resident defendant corporation.
If you advise or sit on the board of a tax-exempt organization, take note of an IRS initiative to make sure nonprofits aren't paying employees too much.
New Supreme Court Rule 716, which creates a limited license to practice for Illinois-based in-house counsel, is getting mixed reviews in corporate law departments.
Do the new requirements governing retention, destruction and alteration of financial records apply to e-mail and other electronic documents? It's better to be safe than sorry.
