Effective January 1, 2022, SB116 makes several updates to the Business Corporation Act, the Benefit Corporation Act, and the Limited Liability Company Act. Changes include the authorization for corporate shareholders to meet by remote communication, Benefit Corporation organization, and the
Illinois – Limited Worker Cooperative Associations
Effective July 1, HB 3577 makes changes related to the Limited Worker Cooperative Associations Act. It incorporates provisions of the Limited Liability Company Act relating to: the powers of the Secretary of State; names of associations; required forms and the
Illinois – Conversion to Professional LLCs
Effective August 14, Senate Bill 3398 allows for the conversion of LLCs to professional LLCs. PLLC must be used in the name of the professional LLC. The bill also discusses new expiration dates for certificates of registration. http://www.ilga.gov/legislation/publicacts/100/100-0894.htm
Illinois – Entity Omnibus Act
Effective July 1, the Entity Omnibus Act allows business entities in Illinois to convert to other types of entities or domesticate to another state. http://www.ilga.gov/legislation/publicacts/100/PDF/100-0561.pdf
Illinois – Limited Liability Company Act Amended
Effective July 1, House Bill 4361 amends the requirements for forming, operating and dissolving LLCs. The act also affects member management, adds an optional Statement of Authority Filing, and eliminates fiduciary duties. http://www.ilga.gov/legislation/99/HB/PDF/09900HB4361lv.pdf
Illinois – LLC Act Amended
Effective July 1, House Bill 4449 specifies name requirements for series of LLCs and allows the Secretary of State to administratively dissolve an LLC for not appointing or maintaining a registered agent. The bill also amends the Business Corporations Act
Illinois – Paperless System In Effect
The Illinois Department of Financial and Professional Regulation is moving to a paperless, digital system. Effective immediately, no paper copies of business licenses will be mailed out. http://www.idfpr.com/news/2016/2192016IDFPRAnnouncesPaperlessRenewals.asp