Author Archives: Novack and Macey LLP

Minority Oppression and the Right to Dividends

Generally, state law, including Illinois law, does not require a company to issue dividends.  Moreover, it normally is within the discretion of the board of directors of a company to decide whether to issue a dividend and their discretion is … Continue reading

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The Intersection of Business Divorce and Marital Divorce

On occasion, the worlds of business divorce and marital divorce intersect. One such case is In re Marriage of Schlichting, 2014 IL App (2d) 140158 (2014). There, the divorce court was dividing the marital property of Larisa and Bruce Schlichting, … Continue reading

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Two-Member LLC Deadlock

Peter Mahler’s blog on New York Business Divorce recently ran an excellent feature on Avoiding Deadlock in Two-Member LLCs, based on insight from New Hampshire Lawyer John Cunningham. The post focuses on four types of deadlock-avoidance provisions espoused by Cunningham: dispute … Continue reading

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Individual’s Use of Company Funds to Defend Business Divorce Cases

Unfortunately, corporate officers and directors and LLC managers and members may find themselves involved in business divorce cases. Until these lawsuits reach their ultimate conclusion, these individuals may steadily accrue significant legal fees and, when they do, they will inevitably … Continue reading

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Lessons for Business Partners Who Own Real Estate Together to House their Professional Practices

A great article on lessons in partnership law (link), especially for partners who own real estate together and use it to house their professional practices, appears in a recent issue of the Chicago Daily Law Bulletin. It was written by my … Continue reading

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A Court Has Wide Discretion in Granting Relief from Oppressive or Illegal Conduct by a Majority Shareholder

When a minority shareholder in a closely held corporation seeks relief from oppressive or illegal conduct by the majority shareholder, a court has wide discretion in deciding what type of relief is appropriate. The Illinois Supreme Court explored what options … Continue reading

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Judicial Expulsion of a Member-Manager Triggers Dissolution

Are you a member-manager of an LLC in Illinois? Your expulsion as a member of the LLC may result in your removal from “manager” status and may even bring about the dissolution of the LLC. The Illinois appellate court provided … Continue reading

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