Illinois LLC Books & Records Demands for Cannabis Operators
Illinois law gives cannabis LLC members (and some former members) the right to get material information about the company’s activities and financial condition, plus the records to be kept by statute. Cite 805 ILCS 180/10-15 and 805 ILCS 180/1-40. The company must respond to an Illinois LLC Books & Records Demands within 10 days by […]
Illinois LLC Derivative Actions for Cannabis Businesses: Self-Dealing Leases, Insider Loans & Diverted Opportunities
TL;DR – An Illinois LLC derivative action allow minority members to enforce the cannabis company’s rights when those in control refuse to act. A written demand on the managers is usually required before suing, and the complaint must detail the demand or why it would be futile. Proper plaintiffs must have been members at the […]