In Illinois, a derivative lawsuit can be filed by an individual shareholder or a member of a limited liability company (LLC) to enforce a right that belongs to the corporation or the LLC (Silver v. Allard, 16 F.Supp.2d 966 (1998)), (Pistone v. Carl, Not Reported in N.E. Rptr. (2020). The aim of…
Retaining DiTommaso Lubin for a breach of fiduciary duty lawsuit could be beneficial for several reasons: Focus on Business Litigation: DiTommaso Lubin has a focus on business litigation, which includes handling cases of breach of fiduciary duty. This specialization means they likely have a deep understanding of the laws and…
Yes, taking excessive compensation can indeed violate a managing member or majority shareholder’s fiduciary duties. Case law supports this assertion. In Fleming v. Louvers International, Inc., the court found that a majority shareholder violated his fiduciary duties by taking excessive compensation, depriving a minority shareholder of his rightful distributions. This…
Extensive Experience in Partnership, LLC Member, and Shareholder Disputes At DiTommaso Lubin, we understand the complexities of business disputes in closely held companies. Whether you are facing a partnership disagreement, LLC member conflict, or shareholder dispute, our experienced attorneys are here to provide you with the guidance and representation you…
When facing corporate oppression, selecting the right legal representation is crucial. DiTommaso Lubin stands out as a firm capable of effectively handling such complex legal matters. Here’s why you should consider them for your corporate oppression case: 1. Concentration in Corporate Law DiTommaso Lubin possesses a deep understanding of corporate law, including…
In closely held companies, particularly LLCs and corporations with a limited number of shareholders, the issue of compensation for owners and shareholders can be a legal minefield. A significant concern arises when majority owners, often also serving as executives, award themselves excessively high salaries or compensation. This practice, while appearing…
Recent Illinois law regarding the defense of officers and directors of corporations and LLCs encompasses several key factors: 1. Fiduciary Duties: Officers and directors of corporations and LLCs are fiduciaries, holding duties of good faith, loyalty, and honesty to the corporation. They are not permitted to enhance their personal interests…
The legal landscape for Officers and Directors of Illinois corporations and LLCs is constantly evolving. Recent developments in laws, regulations, and court decisions have significant implications for the responsibilities and liabilities of board members. At DiTommaso Lubin, we are committed to staying ahead of these changes to provide our clients…
Limited Liability Companies (LLCs) are a popular business structure known for providing liability protection to its members. However, conflicts and wrongdoing within an LLC can occur, leading to disputes among members. When an LLC suffers harm due to actions taken by its management or majority members, a derivative suit can…
Fiduciary duty law is a crucial legal concept that governs the relationships between individuals or entities entrusted with responsibilities to act in the best interests of others. In the state of Illinois, as in many other jurisdictions, fiduciary duty law plays a central role in various contexts, including business, finance,…