For many decades, Delaware has enjoyed a favored position as the first choice for incorporation. Many U.S. companies incorporate in Delaware to benefit from its favorable tax and legal corporate environment. And other states look to specialized Delaware courts for guidance, particularly the Delaware Court of Chancery, with its expertise and deep precedent in corporate and shareholder dispute resolution. Delaware’s developed jurisprudence, with a perceived orientation to corporate interests, is unmatched in any other state and offers more guidance and certainty.
Now, the ...
As most business law practitioners are aware at this point, the Illinois Limited Liability Act has been amended by HB 4361 and the amendments were effective July 1, 2017. The amendments to the Limited Liability Company Act include numerous provisions regarding member managed companies. This article will address some of the concerns regarding the amendments as they relate to member managed Limited Liability Companies ("LLC").
The Amended Limited Liability Company Act ("ALLC") institutes major changes to the "statutory apparent authority" previously granted to member managed ...
A new Illinois law requires employers with at least 50 employees to provide FMLA-eligible employees up to 10 workdays of unpaid leave to attend a child’s funeral (or its alternative), to make necessary arrangements resulting from the death of a child, or to grieve a child’s death. The new law, aptly titled the Child Bereavement Leave Act, took effect on July 29, 2016
The Act defines “child” as “an employee’s son or daughter who is a biological, adopted, or foster child, a stepchild, a legal ward, or a child of a person standing in loco parentis.” There is no age limit in the ...
Password protection may not sustain confidentiality
Passwords aren’t just for email these days. From jumping on a wi-fi network, to making a phone call, to downloading a song, everything electronic now seems under the proverbial lock and key, albeit a digital one. One recent decision from the Delaware Court of Chancery confronted this reality, holding that “merely password protecting” certain information did not constitute “reasonable efforts to protect the confidentiality of that information” and therefore, the information at issue could not be considered a trade ...
