Closeup of businessman putting money in pocket against white background. Visual concept for legal blog titled: What is Self-Dealing in Business?

What is Self-Dealing in Business?

Members of an LLC, business partners, corporate officers, and directors have a fiduciary duty of loyalty to act in the best interests of the company. One of the most important obligations that a fiduciary must uphold in business is to avoid conflicts… Read More
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Business woman hands hold pen above charts and graphs. Concept for LLC Members’ Fiduciary Duties of Care and Loyalty.

LLC Members’ Fiduciary Duties of Care and Loyalty

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 duti… Read More
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Group of business persons in business meeting in board room. Concept for When Do Minority Shareholders Owe Fiduciary Duties?

Under What Circumstances Would a Minority Shareholder Owe Fiduciary Duties?

Illinois law specifies that any shareholder in a close corporation owes a fiduciary duty not only to the corporation, but to other shareholders. This includes minority shareholders. In addition, the shareholders of a regular corporation might also ow… Read More
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Categories: Fiduciary Duty
Fiduciary Duty

What Are Some Examples of a Breach of Fiduciary Duty?

There are many situations in business that involve a fiduciary duty. These types of relationships may arise between directors, officers, controlling shareholders, and with any party that has an obligation to act in the best interests of another. If t… Read More
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Categories: Fiduciary Duty
A lawyer or judge works in the office handing the paperwork for a breach of fiduciary duty claim with a hammer and scales of justice on closeup table.

How Do You Prove Breach of Fiduciary Duty?

In business, directors, officers, and controlling shareholders owe each other and the corporation certain duties. This means that they are trusted to act in the best interests of the company when making business decisions and carrying out transaction… Read More
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Categories: Fiduciary Duty

De Facto LLC Manager Breached Fiduciary Duties Through "Unilateral and Unauthorized" Acts

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 f… Read More
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