The revised act provides more guidance to the agent in the performance of his duties.  For example, the agent will now receive a notice describing his responsibilities.  As before, you, the principal, must decide whether the agent is granted the power immediately or at a later time.

The property and healthcare POA forms are essential estate planning tools for adults.  The forms allow your wishes for medical and financial decisions to be carried out by someone trustworthy if you were to become incapacitated.

Still yet, higher costs may arise due to an organization’s document retention policies. During litigation, opposing counsel might seek an obscure email created years ago that would entail restoring and searching of backup tapes. And yes, generally, the responding party must bear the entire cost of producing the requested documents. Sanctions may be imposed if any evidence is destroyed (not retained), even negligently. The sanction allows the judge to instruct the jury to draw the conclusion that the relevant evidence was destroyed because it was unfavorable.

Businesses should review their document creation and retention policies in light of the shift to a paper-less workplace.

To demonstrate a breach of contract, the aggrieved party must first show that a contract exists.  An offer and acceptance is the starting point for a contract to exist.   Since a written contract explicitly spells out the obligations of all the parties to the contract, a breach by one of the parties is easier to establish.  Then under the terms of the contract, the aggrieved party must have performed its obligations while the other party did not.  Finally, there must be damages resulting from the breach.  A written contract also allows the parties to stipulate specific damages upon the occurrence of a breach of the contract.

While enjoying the benefits of a LLC prior to “going public”, the conversion of a LLC to a corporation is quite seamless.

An incorporation of an LLC can follow three forms:
1. the LLC can transfer its assets to the corporation in exchange for stock;
2. the LLC can distribute its assets to its members who then contribute those assets to the corporation in exchange for stock and;
3. the members can contribute their interests to the corporation in exchange for stock.

Of course, the incorporation of the LLC can also take place as part of the initial public offering under Section 351.

Also, the LLC’s conversion to a corporation should not prevent a subsequent tax-free reorganization under Section 368 when the corporation is acquired by a public company.

Loyola Academy v. S & S Roof Maintenance, 146 Ill.2d 263 provides the standard for amending pleadings in Illinois. The Loyola Academy court looked to four factors in determining the appropriateness of allowing leave to file an amended pleading:

The four factors are the following:

1. Whether the proposed amendment would cure the defective pleading;
2. Whether other parties would sustain prejudice or surprise by virtue of the proposed amendment;
3. Whether the proposed amendment is timely; and
4. Whether previous opportunities to amend the pleadings could be identified.