Tag Archives: 805 ILCS 5/12.56

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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Shareholder Oppression

A non-controlling or minority shareholder in a close corporation who is the victim of “oppression” by the controlling or majority shareholder may petition a court for dissolution of the corporation or, in other words, a business divorce. 805 ILCS 5/12.56. … Continue reading

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Grounds For Involuntary Dissolution in Illinois

In Illinois, the grounds for involuntary dissolution vary depending on the kind of entity in question. Corporations The grounds for judicial dissolution of a closely held Illinois corporation are found at 805 ILCS 5/12.56, which provides that a court may … Continue reading

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The Two Basic Kinds of Dissolution:  Voluntary and Involuntary (Judicial)

Dissolution is the “death” of a company.  Generally, there are two ways an Illinois company (corporation, LLC or partnership) can be dissolved: voluntarily, by vote of its owners (shareholders, members or partners) or involuntarily, by an owner seeking to dissolve … Continue reading

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