Posted on December 12, 2024 in Business Law & Litigation

If you are a shareholder in a corporation, one way that you may take legal action if you believe the company’s officers, controlling shareholders, or directors are not acting in its best interests is through a derivative lawsuit. A derivative lawsuit is unique in that shareholders bring the lawsuit on behalf of the company rather than in their own names. An experienced Arlington Heights shareholder dispute attorney can provide advice on derivative lawsuits.  

What is a Derivative Lawsuit?

A derivative lawsuit protects shareholders against corporate misconduct. It is usually brought by minority shareholders against the directors or officers of the corporation when they assert that the corporation’s high-ranking employees have harmed the corporation. Shareholders file a derivative suit as representatives of the company that has been damaged. Any remedies received in the suit will go to the corporation and not the shareholder.

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 Posted on November 25, 2024 in Real Estate

Illinois condominium owners typically must pay assessments to their condominium association. Condominium associations rely on this fee to pay for operating costs that cover everything from amenities to funding for future projects. In fact, if a condominium association does not collect assessments, it may face a lawsuit for failing to do so.

Condominium associations should have a strong collection policy for delinquent assessments in place and enforce that policy. An Illinois attorney with experience representing condominium associations can advise condo management and board members on the steps to take when facing delinquent condominium owners.

Keep Track of Delinquencies

Condominium associations should first ensure that they monitor all assessment payments. A good practice is to send all unit owners monthly ledgers showing amounts due. This promotes timely payment. Condominium associations should also keep monthly ledgers that are a record of delinquencies in the event legal action must be taken.

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 Posted on November 13, 2024 in Condominium & Homeowner Association Law

One of the main goals of a business contract is to protect your business, but every business owner is likely to face a commercial contract dispute at some point in the course of running their business. An experienced attorney can represent you in any type of Illinois business dispute that may arise, whether the contract is with a business partner, vendor, customer, or another business. Here are some types of common business contract disputes.

Common Contract Disputes

Breach of Contract

This is the most common type of contract dispute and among the most common business disputes. One party alleges that the other failed to fulfill one or more of the party’s contractual obligations. Contract breaches are not one size fits all so the potential remedies for a breach of contract dispute will depend on the type of breach. Some contract breaches concern material breaches to the contract that cause significant harm to a party, while others are minor breaches. A party can also anticipatorily breach an agreement, which means that they have made it clear either through words or actions that they intend to breach the agreement, even though they have not done so yet.

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 Posted on October 10, 2024 in Condominium & Homeowner Association Law

It has been a tough couple of years for condominium owners and homeowners associations. Property insurance costs have almost doubled since 2022, affecting all property owners but particularly condo associations and condo owners. Nowhere has this change been more acutely felt than in Florida, where condominiums have long been considered a great investment but now are facing troubling headwinds. Florida is not alone in this trend, however, as other states including Illinois and California have been affected as well. For any questions or concerns about these new developments, a qualified attorney representing condominium associations can help.

Data on the Rising Costs 

Average commercial condo insurance costs have risen on average by 103 percent since 2022, from $72,570 to $147,3812.  These types of policies cover properties including structures, irrigation systems, and roofs. In the second quarter of 2024 alone the cost rose 6.6 percent.

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 Posted on September 24, 2024 in Condominium & Homeowner Association Law

In the realm of homeowner’s associations (HOAs) and condominium law, attorneys play a pivotal role in ensuring compliance with important legislation such as the Fair Housing Act (FHA) and the Americans with Disabilities Act (ADA). These laws are designed to promote equal opportunity and accessibility in housing, protecting the rights of people with disabilities. Navigating these complexities can be daunting, which is where assistance from legal professionals becomes especially valuable.

Understanding the Fair Housing Act

The Fair Housing Act prohibits discrimination based on things like race, color, religion, sex, national origin, familial status, and disability. For HOAs and condominium boards, this means that policies and practices must be carefully crafted to avoid any discrimination.

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 Posted on September 09, 2024 in Condominium & Homeowner Association Law

In Illinois, property ownership can take various forms, two of the most common being condominiums and single-family homes. With these two types of property come different governing bodies: condominium associations and homeowner associations (HOAs). Understanding the distinctions between them is crucial for property owners, prospective buyers, and those interested in community living. For any questions or concerns regarding these two associations, contact a qualified attorney.

How Condominium and Homeowner Associations Differ

Structure and Governance

Condominium associations govern condominiums, where multiple units are owned individually, but common areas (like lobbies, gardens, and stairwells) are jointly owned. The Illinois Condominium Property Act governs these associations, outlining how they operate, from the election of board members to the management of common expenses.

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 Posted on August 22, 2024 in Condominium & Homeowner Association Law

The Illinois legislature recently passed a bill that updates the Illinois Condominium Property Act (ICPA) to place requirements on condominium associations to provide parking accommodations for unit owners with disabilities. Condo associations and boards will need to understand their requirements under the new law, which goes into effect on January 1, 2025.

New Requirements Regarding Accessible Parking

Condominium associations must adopt policies that will provide reasonable accommodations to unit owners who require accessible parking due to disabilities. These policies must detail the procedures followed when a unit owner submits a request for a parking space that is accessible. They should also specify the timeframes that will be followed when a condominium board reviews these requests. These timeframes must be reasonable, and the review period cannot be longer than 45 days. New or updated policies must be adopted by condominium associations by April 1, 2025.

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 Posted on August 22, 2024 in Personal Injury

Losing a loved one due to someone else's negligence is an incredibly difficult and emotional experience. While there is no amount of money that can truly compensate for the loss, seeking a wrongful death lawsuit against the at-fault party can be financially beneficial in various ways.

In the aftermath of a loved one's death, family members often wonder how best to maximize the compensation that may be available to them. Contact a lawyer to ensure you and your family can strategically pursue compensation related to your loved one's wrongful death.

Best Strategies for Maximizing Wrongful Death Compensation

Investigate the Cause of Death Thoroughly

The foundation of any wrongful death claim is a comprehensive investigation into the cause of the death. As a result, it is crucial to gather all relevant evidence related to the death, which can then be used to add credibility to your claim that the death was wrongful. Evidence may include:

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 Posted on August 07, 2024 in Condominium & Homeowner Association Law

Homeowners’ associations (HOAs) are organizations that manage and maintain the common interests of homeowners, ensuring that neighborhoods remain pleasant, orderly, and inviting. While some may view HOAs as restrictive, they serve essential purposes that contribute significantly to community living. If you represent an HOA and are seeking legal guidance, contact an attorney as soon as possible.

Essential Roles of Homeowners Associations

Maintaining Order and Harmony

One of the most important functions of an Illinois HOA is maintaining proper order within a community. By establishing rules and regulations—often called covenants, conditions, and restrictions (CC&Rs)—HOAs help create a sense of community and promote friendly living.

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 Posted on July 26, 2024 in Condominium & Homeowner Association Law

Condominium associations across the country are facing a financial strain due to a substantial increase in insurance premiums. A surge in natural disasters, increased litigation, rising construction costs, and inflation largely drive these hikes. This spike in premiums is a significant concern as it directly impacts the budgets of these associations and the dues paid by unit owners. Understanding the issue is important, as is learning more about how condominium associations can benefit from the assistance of a qualified attorney in Illinois.

Why the Increase in Insurance Premiums is a Big Deal

Here is why the increase in insurance premiums matters:

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