Little rights for non-member LLC owners

A recent case decision shows the risk involved in acquiring an ownership interest in a Limited Liability Company (LLC) but not being admitted as a member. Mary Doherty v Country Faire Conversion, LLC,  2020 IL App (1st) 192385 involved an LLC membership interest that was foreclosed on and the interest holder’s rights after that in…


Lecturing at a seminar entitled: Title Law: A to Z

June 14 2016 and June 15 2016, the National Business Institute will be holding a professional education seminar for attorneys on title insurance.  I will be giving a lecture on June 15.  My topics are Quiet Title lawsuits in Illinois and Drafting Documents to Cure Defects on title. Keil Larson


Commercial Real Estate Broker Lien

Commercial Real Estate Broker (Realtor) Lien Act Realtors bring together  buyers and  sellers of real estate.  For this service, the seller normally pays a commission to the realtor.  At the closing of this transaction, the realtor then receives a big check. As with most things in life, sometimes things go awry.  Some transactions the owner…


How to form a corporation

To form your own corporation, you must take these essential steps. If you’ve sorted through the many types of business structures and decided to create a corporation, you’re facing a list of important — but manageable — tasks. Here’s what you must do: Choose an available business name that complies with your state’s corporation rules….


Ways to Organize your Business

The pros and cons of corporations, LLCs, partnerships, sole proprietorships, and more. Type Advantages Disadvantages Sole Proprietorship Simple and inexpensive to create and operateOwner reports profit or loss on his or her personal tax return Owner personally liable for business debts General Partnership Simple and inexpensive to create and operateOwners (partners) report their share of…


Appellate Argument

Appellate Argument on a case I argued on November 22, 2011. This argument last 90 minutes. This is a lot more time than normal. I was pleased that the Justices understood the facts and devoted this much of their busy day to this matter. Here is the link. http://www.state.il.us/court/Media/Appellate/1st_District.asp The case was Tatum vs Allstate…


7th Circuit Rules that Management Companies are not debt collectors

In a recent decision, the US Court of Appeals for the 7th Circuit ruled that management companies that collect rent for an owner are not debt collectors under the Fair Debt Collection Act. For this opinion read: Carter v AMC LLC Normally an owner hires a mangement company to manage its property and collect the…