Business divorces among owners or members are often messy regardless of the industry. They can involve situations where the owners lock each other out of the premises or systems, refuse access to critical information, enter into contracts without the other’s approval, among other strong-arm tactics to gain an advantage. The net result of these divorces is often harm to the company. Not only are the owners not giving full attention to building the business and providing its products or services, but there is the loss of cooperation along with the often destructive actions. The harm to the business and its customers is bad enough.
However, in some industries, these types of disputes can cause regulatory problems, including by the Illinois Department of Financial and Professional Regulation. IDFPR seeks to protect the customers and public and, when they are at risk, IDFPR can act to protect them and punish the owners. Therefore, professionals in regulated industries (including doctors, mortgage brokers, realtors, dentist, and others) need to approaches these business divorces aware of the added layer of risk to their licenses. If you are in a business dispute and have questions about legal or regulatory risk, reach out to Patterson Law Firm today at 312-223-1699 or firstname.lastname@example.org.