Business partners might be completely aligned now — holding unified goals, mutual trust, and a shared vision. However, businesses rarely fall apart in a single moment; most erode slowly, not from betrayal but from a failure to anticipate what may come next. That’s...
Fiduciary duty is a legal obligation that requires one party, the fiduciary, to act in the best interests of another party, the principal or beneficiary. Based on trust, confidence and loyalty, fiduciary duty involves various professional relationships, such as those...
The dust from the election is still settling, but it appears likely that President Donald Trump will be the next leader of our nation. With new leadership, often comes a change in laws that can have a direct impact on our economy. When it comes to businesses, one of...
Economic downturns in 2024 are causing people to spend less money, significantly impacting businesses. Although the COVID-19 pandemic has ended, its aftermath has led to sudden and substantial declines in business activity. Many companies need help to recover as...
On April 23, 2024, the Federal Trade Commission (FTC) by a 3-2 party line vote made a bold move that ended noncompete agreements in all but exceptional cases. These agreements have long prevented workers from moving to rival firms or starting similar businesses for a...
Many Illinois contracts contain a force majeure clause. French civil law is the origin of force majeure, but that many jurisdictions worldwide now use the concept. The purpose of force majeure The purpose of force majeure is to relieve certain parties of their...
An anticipatory breach occurs when the party who agrees to deliver goods or services notifies the other party that it will not perform, i.e., deliver the goods or services by the date specified in the parties’ contact. Illinois law allows for several remedies in the...
In Illinois, business partners can have disputes for various reasons, and dispute resolution methods can materially affect the partners’ business relationship. In some cases, the partners may want to preserve their status and continue with the business while other...
Selling your Illinois business may allow you to secure your financial future, whether you plan on retiring or simply starting a new chapter in your life. Liquidating your business may also be ideal if you don't think it has room to grow from a profit or revenue...
Illinois residents who follow business and financial news will probably be aware that Bed Bath & Beyond came close to fining a Chapter 11 bankruptcy in January. The company escaped that fate because it managed to negotiate a $1 billion bailout package. The deal...