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Business and Securities LawThe newsletter of the ISBA’s Section on Business and Securities Law

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Newsletter articles from 2002

Case comments By Ethel Sypratos December 2002 Whether the Industrial Commission acts outside its statutory authority when it pierces the corporate veil and imposes liability on the stockholders when a company does not pay an award.
A chip off the ole’ block— a comparative analysis of the Illinois Environmental Protection Act and CERCLA By Matthew J. Cozzi February 2002 Many landowners, former owners, prospective purchasers and operators of potentially contaminated property in Illinois tread lightly (or, perhaps, should) in fear of liability under the broad umbrella of the Comprehensive Environmental Response, Compensation and Liability Act, commonly known as CERCLA.
Comments in response to the American Bar Association Task Force on Corporate Responsibility preliminary report* By Lin Hanson December 2002 A. Your Report. We often say, or think "You can't legislate morality." You said it in your report, § I.B., p. 10, "No set of legal rules or guidelines can guarantee that such active care will be achieved in practice."
CPAs as investment advisors By Earl B. Johnston and David F. Wilding May 2002 There is a growing trend in the CPA community. Increasingly, CPAs are expanding their accounting practices to provide investment advisory services to their clients.
From the chair July 2002 This edition of the newsletter has several interesting articles, including one that describes the concept of protected cell companies and their use in finance transactions.
From the editor May 2002 This edition of the newsletter has several interesting articles, including one that describes some of the problems that employers can have as a result of whistle blowing by former employees.
From the editor February 2002 This edition of the newsletter has several interesting articles, including one that discusses the recent case of Gallagher v. Abbott Laboratories et al, 269 F.3d 806 (7th Circuit 2001).
Illinois Secretary of State announces new services in its Chicago office May 2002 Please note that the Illinois Secretary of State is now accepting filings in its Chicago office on an expedited basis of the following documents
IRS rewards whistle blowers to snitch on tax cheats— Ex-employers beware! By A. Jay Goldstein and Shannon M. Gomery May 2002 Whoever said that revenge does not pay is unaware that the Internal Revenue Service (IRS) encourages tax informants
The NASD announces regulatory enforcement actions to curb annuity sales abuses By Andrew J. Stoltmann February 2002 In the last eighteen months, the National Association of Securities Dealers ("NASD") has increased regulatory enforcement actions against member firms and registered representatives for variable annuity sales abuses.
Pediatric Surgical Assoc., P.C. v. Commissioner of Internal Revenue creates potential tax problems for professional corporations By Robyn Halsey December 2002 On April 2, 2002, the United States Tax Court handed down its decision in Pediatric Surgical Assoc., P.C. v. Commissioner, Docket No. 12743-28, T.C.
The protected cell companies in a nutshell By Francisco Perez Ferreira July 2002 Among the different factors that contribute to economic growth are the roles played by "offshore" jurisdictions, which in many ways assist or ease different business activities (of commercial, financial or patrimonial nature) around the globe.
Recent concern regarding cyber-fraud and its impact on businesses By Ethel Spyratos May 2002 Information technology pervades many aspects of our daily lives. We use it to ship goods, pay bills, buy consumer goods, communicate and receive water and electricity at our homes
Sample client advice letter: structuring an individual medical practice to minimize tax and reduce asset exposure to liability claims By William A. Price February 2002 I recently had occasion to counsel a physician interested in purchasing an Illinois medical practice, along with the building and medical laboratory facilities used by the practice.
Seventh Circuit decision discusses “deferral” of information as violation of 10b-5 By Howard Z. Gopman February 2002 In Gallagher v. Abbott Laboratories et al, 269 F.3d 806 (7th Circuit 2001), the court discussed the duty to disclose bad news in light of section 10(b) and Rule 10b-5 under the Securities Exchange Act of 1934. See 15 U.S.C.A. § 78j(b); 17 C.F.R. § 240.10b-5.
The trouble-shooter’s checklist By Donna J. Cunningham July 2002 This checklist is meant to list those non-tax factors that most often lead to trouble, disagreement, or failure of the business.
What’s new in corporate filings and business entity laws By William A. Price July 2002 The following news is an extract from the first quarter update to my treatise Limited Liability Organizations (http://www.stpub.com/pubs/llo.htm), which provides detailed url's for the state business entity registration sites from which these notes were gleaned, and a variety of other information on business trust, federal tax, state tax, and drafting issues relevant to the many variants of limited liability business entities.