“Fair Value” ambiguity in Illinois

| March 30, 2010

Effective 2007 Illinois amended the definition of “fair value” in the Business Corporation Act (Sections 805 ILCS 5/6.15, 11.70(j)(1), and 12.56(e)) to exclude the use of minority discounts and, absent extraordinary circumstance, lack of marketability in valuing shares.  This provided legislative guidance to the courts on how to determine fair value by remedying the absence of […]

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Filing fees and entity choice in Illinois

| March 28, 2010

A couple of hundred dollars should not deter an entrepreneur from his or her desired entity choice.  But it often does.  A new venture typically does not have a revenue stream set up and business owners are eager to limit their cash out flow.  Illinois does not help matters with an odd filing fee structure […]

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