BLOGS

Business Divorce: How to Break Up with Your Business Partner Without Destroying the Business – Part III

Alternatives to Breaking Up Unlike the prior two articles in this series which talk about how to identify when it is time to break up with your business partner and how to break up without destroying the business, this article will talk about the alternatives to breaking-up that exist.While this article refers to “partners” and “partnerships”, these are umbrella terms being used so that we do not have refer to all the various entity types repeatedly; the recommendations in this article can be applied to all of various entity types ...
Twitter Google Linkedin

ARE YOU LIABLE FOR SELLING A COMPANY’S LIABILITIES? SUCCESSOR LIABILITY IN ILLINOIS

If you are considering buying another company's assets, one important consideration is: what liabilities of the seller will I be taking on? This question generally only arises in an asset purchase, as a stock purchase will typically result in liability on the part of the successor company.Whether a company that purchases the assets of another company can be held responsible for the seller's pre-transfer obligations is the crux of the successor liability issue. In Illinois, the general rule is that a company that purchases the assets of anot...
Twitter Google Linkedin