Bad Things Happen To Undocumented Business People

If you don’t take care of those who depend on you, bad things (often involving lawyers) tend to happen: A promise is not a will:  Charles Kuralt, the TV commentator, lived with Patricia Elizabeth Shannon for 29 years, many on 90 acres of Montana land with a renovated schoolhouse and a view. He sent her…


Record Level Of Venture Investments In China

Venture capital investments in China reached $15.3 billion during 2015, significantly higher than the previous high of $7.3 billion in 2011. Mobile device deals predominated, with an average of $9.8 million per deal. Exits have also seen growth, with 61 deals raising $7.2 billion of venture backed company IPO’s in China in 2014, the last…


Business Issues In Estate Administration

Just delivered a talk to the DuPage County Bar Association on family business issues in estate disputes. Reminded those present that most buy-sell agreements are not funded with “Key Man” insurance, that most spouses and children are incompetent to manage the business but want money, and that even rich people like the Wrigleys and the…


Filings Required To Close Out An Illinois Business Entity

Just posted on Slideshare a detailed checklist of business actions, federal and state income and UI and sales tax forms to file, and entity-specific forms to file with the Business Services Division of the Secretary of State in order to close out an Illinois business entity.

For details, see

Parent companies may not be liable for their subsidiary company’s contracts and other liabilities

The First District of the Illinois Appellate Court, in Saletech, LLC v. East Balt, Inc. et. al., 2014 IL App (1st) 132639,, upheld a decision that a distribution agent who claimed that the European parent of a Ukrainian subsidiary had agreed to implement an exclusive US distribution rights deal with the Ukrainian subsidiary in…


Lying On Expense Reports Can Eliminate Rights To All Compensation, Even For A Company President

The First District of the Illinois Appellate Court upheld a $9.8 million award for ICD Publications, Inc. against Ian Gittlitz this December, Mr. Gittlitz had admitted to fraudulently taking more than $1 million in advances on entity distributions, without information to the other two co-owners of ICD Publications, Inc. He had signed an agreement…