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…

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, https://www.state.il.us/court/Opinions/AppellateCourt/2014/1stDistrict/1132639.pdf, 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, http://www.state.il.us/court/Opinions/AppellateCourt/2014/1stDistrict/1133277.pdf 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…

Business Owner Asset Loan Guarantees Don’t Produce Personal Title To Assets

Owners of part of a business who guarantee auto or other asset loans for the company do not get title to the asset for which the loan is made. They may or may not even get credit for a capital contribution to the company, depending on the internal organizational agreements (partnership agreement for a partnership,…

Buy-Sell Agreements

There are two times that business partners argue: when they have money, and when they don’t. Those alternatives cover all available time segments, so if you’re advising people on how they should organize their business, some rules for the arguments may be in order. The classic horror story about such arguments is the Illinois appellate…