When Majority Owners Turn on Their Partners In closely held corporations and limited-liability companies, majority owners sometimes forget that they owe duties to their partners. We see the same pattern again and again: a founder who built a business is gradually cut out of key decisions, denied access to financial…
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…
In the dynamic landscape of condominium and homeowners’ associations (HOAs), board officers and directors are tasked with making crucial decisions to maintain the welfare of their communities. However, there are times when disputes arise, leading association members or condo owners to bring legal action against these leaders. At DiTommaso Lubin…