Category: Business Law
Recent First District Opinion Clarifies Standard For Piercing Corporate Veil As Well As Who May Be Held Personally Liable
A basic principle of corporate law, indeed the very reason why individuals incorporate or organizations create subsidiaries, is to insulate stockholders (whether corporations or individuals) from the corporation’s liabilities. However, this insulation from liability is not absolute. “Piercing the corporate veil” (“PCV”) is the legal doctrine that allows a plaintiff to hold the entities or
Advising Medical Marijuana Businesses
With the passage and implementation of the Compassionate Use of Medical Cannabis Pilot Program Act, Illinois stands to follow many other states on the path towards legalized marijuana use. However, despite allowing specific uses of marijuana, the federal government still identifies the possession, sale, and production of marijuana as illegal. While the U.S. Department of
When the Bubble Bursts: How Tech Start-Ups Are Hurtling Towards a Crash
At the turn of the 21st century, the internet had become a new market for individuals of all backgrounds and experience to begin online companies. Backed by venture capitalists and millions of dollars, dozens of internet companies such as Amazon, Yahoo, and Google were launched, and the dot-com era was born. These companies would go
Beyond Contract Liability: When a General Contractor Has to Pay a Subcontractor He Never Hired
The general rule concerning contracts holds that the only parties that can be held liable are those that signed the contract. In other words, you or your business generally can’t be held liable for a contract you did not sign. This simple rule is fundamental to contracts in the construction business. A general contractor hires
New Laws for the New Year
With the ringing in of a new year, more than 200 new laws have become effective in Illinois. Below are some of the most important laws which were enacted and what they might mean for you or your business. Pregnancy Discrimination (HB8 / PA 98-1050) Perhaps the biggest new law of the year for businesses
The Illinois Business Corporation Act’s Survival Statute for Suits against Dissolved Corporations
In the recent case of Pielet v. Pielet, 365 Ill. Dec. 497 (Ill. 2012), the Illinois Supreme Court discussed when a plaintiff may sue a dissolved corporation under Section 12.80 of the Illinois Business Corporation Act, also referred to as the “Survival Statute.” In Pielet, the Pielets, a husband who died during the litigation and