Articles Posted in LLC Member Dispute

How to Dissolve an LLC in Illinois
Litico Law Group

Not every limited liability company lasts indefinitely. No matter how much time and effort you put into building your business, there may come a time when you decide it’s the right time to close it. However, it’s important to understand that there are certain steps that must be followed when it comes to dissolving an…

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LLC Members’ Fiduciary Duties of Care and Loyalty
Litico Law Group

Members of a Limited Liability Company (LLC) owe certain fiduciary duties to the LLC and each other under Illinois law. Among the most important are the duties of care and loyalty. Unfortunately, LLC members can sometimes violate their fiduciary duties to the company by placing their own interests above the interests of the company or…

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LLC Members’ Rights to Company Documents
Litico Law Group

Assuming a member has a “proper purpose,” Illinois LLCs are required to provide documents a member demands. Within ten days of a member’s demand, the company is required to either: 1) produce the requested documents; or 2) respond in writing describing the documents that will be provided and stating a reasonable time and place at…

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Steps To Take if Your Partner Is Embezzling or Stealing
Litico Law Group

Disorganization, financial difficulties, and greed can lead to a partner taking more from a business than they’re entitled. This, of course, comes at the expense of their partners. In closely held businesses, there are unfortunately numerous ways to cheat. A few examples are a partner funneling money to another entity he or she owns under…

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De Facto LLC Manager Breached Fiduciary Duties Through “Unilateral and Unauthorized” Acts
Litico Law Group

In a recent order, the Appellate Court affirmed a Cook County trial court decision finding that a de facto LLC manager in a manager-managed LLC: (1) had fiduciary duties to the other members despite not being the legal manager; and (2) breached his fiduciary duties to his co-owners by running the business and finances without…

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Limited Liability Company Act “Events Causing Dissolution” and “Right to Wind Up”
Litico Law Group

A limited liability company (“LLC”) allows members limited liability, but LLCs aren’t perpetual. Section 180/35-1 of the Limited Liability Company Act details the events that cause the dissolution of LLCs. 805 ILCS 180/35-1. Section 180/35-1(4)(E) indicates that LLCs can be dissolved “on application by a member or a disassociated member, upon entry of a judicial…

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