Illinois Bar Journal


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Articles on Business Law

(Asset) Buyer Beware By Sherwin D. Abrams December 2010 Column, Page 644 Warning to buyers of going businesses: you may be buying some of your sellers' liabilities.
Business Lawyers and the New Ethics Rules By Markus May October 2010 Column, Page 540 It's now easier to represent multiple clients, and to practice in Illinois if you're from out of state.
Distributions By a Business Entity - Cautions for Owners and Their Counsel By Sherwin D. Abrams September 2010 Column, Page 484 Make sure your business clients aren't opening themselves to disgruntled claimants.
LLC Members by Default? By Lin Hanson June 2010 Column, Page 328 If an LLC member loses her shares, to what extent does a creditor stand in her shoes?
Organization as Client - a Continuing Dilemma for Business Lawyers By Stephen Proctor March 2010 Column, Page 160 It's an ethics problem under the old and new rules alike.
Is Selling Title Insurance a “Business Transaction”? By Joseph R. Fortunato and Steven B. Bashaw January 2010 Column, Page 50 A reference to the sale of title insurance in the new rules has some lawyers concerned.
Electronic Voting for Nonprofits By Michael J. Huft December 2009 Column, Page 634 Learn about new amendments to the Illinois General Not For Profit Corporation Act.
Managers’ Fiduciary Duty: Fixing the Illinois LLC Act By Lin Hanson September 2009 Column, Page 474 LLC members who exercise the power of a manager now owe a fiduciary duty to the company.
Two Corporate Communications Your Client May Be Getting By Stephen Proctor June 2009 Column, Page 312 One should be ignored. The other must be reviewed and answered carefully.
When it comes to corporate governance, formalities matter By Helen W. Gunnarsson April 2009 LawPulse, Page 168 Help your corporate clients understand the importance of - and comply with - formalities such as preserving minutes, buying enough insurance, and the like.
Directors’ Duty to Creditors By Lin Hanson March 2009 Column, Page 152 If a corporation becomes insolvent, directors and officers owe a duty to creditors.
Helping Clients Observe Corporate Formalities By Lin Hanson December 2008 Column, Page 640 By helping corporate clients with minutes, meetings and more you demonstrate your business value.
The Business Corporation Act’s “Quickie” Claim Bar By Lin Hanson September 2008 Column, Page 480  Dissolving corporations can use this to reduce the period during which they remain liable.
Asked and Answered July 2008 Column, Page 369 Is a spouse entitled to corporate assets?
Don’t Use an LLC for asset protection By Lin Hanson June 2008 Column, Page 314 Learn how creditors can get at an llC member's personal assets.
Puelo v Topel: the Court Got It Wrong By Lin Hanson and Charles (Bud) W. Murdock March 2008 Column, Page 158 Puelo wrongly held that a dissolved LLC was on the hook for liabilities incurred after the dissolution.    
Successor Liability in Illinois By George W. Kuney March 2008 Article, Page 148 Find out when creditors and tort victims can sue the buyer of a business for the debts and torts of the seller.
LLCs and Asset Protection By Lin Hanson December 2007 Column, Page 662 LLCs afford clients protection from creditors, but not unlimited protection.
Does the LLC Make the Illinois Close Corporation with S Election Obsolete? By Gail Petravick and Coleen Troutman October 2007 Article, Page 532 The LLC has many benefits and few negatives for closely held businesses. Will it make the Subchapter S election obsolete?
How the Business Services Department Can Help You By Lin Hanson September 2007 Column, Page 492 Online filing? Advance review of filings? The SOS offers that and more.
Helping Business Owners Avoid Personal Liability By Markus May June 2007 Article, Page 310 A recent case describes how business owners should run their companies as separate entities to avoid being held personally liable.
Simultaneous Offers for Partnership Break-Ups By Lin Hanson June 2007 Column, Page 328 Is your client ready to break up with a business partner? If so, here's some advice.
LLC Operating Agreements By Lin Hanson March 2007 Column, Page 152 Written agreements allow you to define relationships among shareholders, members, and partners.
Series LLCs: Practical Pointers and Tax Implications By Randall H. Borkus and Kimberly J. Myers January 2007 Article, Page 22 Beware the danger in failing to properly separate assets in the series, and note unanswered tax questions.
Shareholder Agreements in Illinois By Lin Hanson December 2006 Column, Page 680 The history of - and practice pointers about - shareholder agreements for close corporations.
Corporate Voting By Lin Hanson September 2006 Column, Page 500 A refresher course on corporate voting rights.
Fair Value Redux By Lin Hanson June 2006 Column, Page 318 Proposed legislation would clarify LLC minority shareholders' rights and remedies.
Selling a Client’s Company: A Cautionary Tale By Lin Hanson March 2006 Column, Page 150 The seller's lawyer should make like the buyer's and take a critical look at the business before the sale.
Sour notes By Helen W. Gunnarsson March 2006 LawPulse, Page 110 The destructive, expensive breakup of a string quartet leads to the obvious question: what advance legal planning might have kept things from getting out of control? And what can you do for your musician clients? 
New naming guidelines issued for limited partnerships and limited liability partnerships February 2006 Illinois Law Update, Page 68 The Secretary of State has amended Part 171 of Title 14, 14 Ill Adm Code 171, also known as the Uniform Limited Partnership Act.