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How should I address shareholder disputes?

A shareholder agreement must satisfy all involved parties. It must also be designed with dispute resolution in mind. While you certainly hope for the best-case scenario in business, you must also have a plan in place in the event the worst-case scenario decides to make an appearance. To ensure your bases are covered, Entrepreneur offers the following information on handling shareholder disputes. 

Make sure all shareholders are protected

How does the appeal process work in Illinois?

If you believe the verdict you received during a trial at a circuit court in Illinois was made in error, you have the right to appeal. The appeal process has numerous steps, and it's important to understand these steps even when you have professional legal representation. To help you along, the Illinois Courts offers the following information. 

The appellate process entails filing many official notices to different entities. The clerk of the circuit court where your hearing was held will receive a notice of appeal, while the court reporters must be notified to prepare the transcripts. The clerk of courts must also prepare the record on appeal, which is provided to the appellate court which will be deciding on your appeal. You'll be responsible for providing the appellate court a notice of filing. 

Can I sue over something posted on Facebook?

Facebook and other social media are intended to bring people together. However, many people use social media as their own personal platform to air grievances, whether they have any backing in the truth or not. This can lead to civil disputes and litigation, as illustrated by a case occurring a few years back. 

Good Housekeeping recounts the story of an employee who posted what was found to be a defamatory statement about a fellow worker. The post, which was surely in poor taste, didn't name the woman but inferred that she was responsible for her son's death, which occurred in 1976. It also inferred the woman was drunk at the time of her son's death. The subject of the post fought back against the false statements and was awarded $500,000 in damages. Of that number, half was awarded for the actual defamation, while the other half were punitive damages to deter others from following suit. 

What are the benefits of a reverse merger?

Most companies start out private. But, if your business is steadily growing, it's normally time to start considering going public around $100 million dollars in revenue. A reverse merger is one easy way to do that. Here are just a few reasons why. 

What is "termination for convenience?"

Have you had a business partner that has abruptly chosen to end your professional relationship in Geneva? In such a scenario, you typically expect to be given the reason behind their change of heart. Hearing that the now-former partner simply believes it to be in their best interests to do so can be a bitter pill to swallow, and one that might prompt you to question whether that is even allowed under the law. In most cases, a partner has to have cause to end a contractual agreement with you. Can one actually end a contract for convenience? 

It depends on the type of company that you are working with. According to the Congressional Research Service, government agencies are automatically afforded the right to end contracts for convenience. If such a partner chooses to do so, you can typically only collect that money that is owed to you for the services you have already rendered (you may also be able to be compensated for the expenses associated with ending your service). Damages for breach of contract are only an option if you can somehow prove that the agency never intended to fulfill its agreement, thus allowing you to claim that it operated in bad faith. 

Sometimes zoning ordinances, processes need to be challenged

The idea of zoning has grown commensurate with the expansion of towns and cities in Illinois and nationally, with zoning laws already having been enacted in some American municipalities more than a century ago.

The vast Chicago metro has of course employed zoning rules and processes from the early days of its development. That reality is notably apparent to anyone familiar with Chicagoland environs and their purposeful development.

Emotional challenges and business litigation

For business owners, being taken to court can be one of the most stressful experiences they will have to work through. Not only can legal action in and of itself be difficult, but they may be worried about the ramifications of a lawsuit. Will additional people decide to take legal action as a result of the case? Will the financial implications of the lawsuit be so significant that staying in business will no longer be an option? These are just some of the questions that business owners may struggle with if they are facing litigation, which is why it is so pivotal to prepare and handle negative emotions properly.

Aside from stress, some business owners may become depressed or overly anxious as a result of the case. These emotions can adversely affect their ability to handle the case properly. Moreover, litigation may arise when business owners are dealing with existing emotional hurdles. For example, someone who runs a business may have been struggling with depression for years, and the lawsuit will hit them especially hard.

Are you making the best use of association fees?

As more and more people are looking to forge a connection with those surrounding them, neighborhoods with Home Owner Associations (HOAs) have become more popular. But it's no easy task to be on the board that organizes neighborhood events, upkeeps recreational structures and handles general maintenance matters.

If you're a part of a HOA, it's important to make the best use of your budget by responsibly planning for the use of association fees. Here's a few tips that can help.

How to handle business partnership disputes

If you are in a partnership for a business in Illinois, more than likely you are not always going to see eye to eye. There are certain disputes that many partners face over the course of sharing a business, and if you handle them in the right way you can move past them smoothly with no long-term consequences.

According to Business News Daily, there are three main common disputes that most business partners may have. One revolves around the company's operation, and a common complaint is that one partner is not working his or her fair share. Another prevalent dispute is over money, such as whether one partner spends more than the other, one does not get permission for a specific purchase or there is an inflation of expenses. If partners start a company based on one of the partner's intellectual property, there may be a dispute if the partner does not document ownership of this IP.

Could you face a lawsuit regarding a social media post?

Many people use multiple social media accounts, both to connect with friends and family and to promote their business. It can be a good way to reunite with people you grew up with and encouraging to build connections that could help you expand your company.

However, did you know you could potentially face a lawsuit about something you post online? Although many people use the internet in positive ways, others use it to vent. And while that may not be inherently bad, it’s how it’s done that could potentially lead to trouble with the law and harm your company’s reputation. With the spread of social media has come the spread of court cases for defamation relating to what people post about other people online.

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The Law Offices Cooper, Storm & Piscopo hours of operation

Monday-Friday: 8-4:30 pm
Saturday & Evenings: By Appointment Only

117 South 2nd Street
Geneva, IL 60134

Toll Free: 877-391-7889
Phone: 630-232-6170
Fax: 630-232-6180
Geneva Business Law Office