IL HB4361 | 2015-2016 | 99th General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 3-0)
Status: Passed on July 28 2016 - 100% progression
Action: 2016-07-28 - Public Act . . . . . . . . . 99-0637
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Democrat 3-0)
Status: Passed on July 28 2016 - 100% progression
Action: 2016-07-28 - Public Act . . . . . . . . . 99-0637
Text: Latest bill text (Chaptered) [HTML]
Summary
Amends the Limited Liability Company Act. Establishes distinctions between membership interests. Provides for the appointment of officers. Authorizes the use of oral operating agreements. Makes changes concerning electronic signatures. Makes changes regarding a member's right to information. Provides that members of limited liability company are not agents solely because of membership. Expands the scope of operating agreements. Makes changes concerning unauthorized distributions. Provides that creditors acquire only distributional rights. Requires judicial action for dissolution based upon illegality. Abolishes certain statutory buyout rights. Provides for domestication of foreign companies. Provides for conversion of business entities into other forms. Requires the filing of a post office address for service of process. Limits the ability of companies to transact business until an application is filed with the Secretary of State. Makes technical and other changes. Effective July 1, 2017.
Title
LLC-VARIOUS
Sponsors
Roll Calls
2016-05-26 - Senate - Third Reading in Senate (Y: 54 N: 0 NV: 5 Abs: 0) [PASS]
2016-04-14 - House - Third Reading in House (Y: 112 N: 0 NV: 1 Abs: 1) [PASS]
2016-04-14 - House - Third Reading in House (Y: 112 N: 0 NV: 1 Abs: 1) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2016-07-28 | House | Public Act . . . . . . . . . 99-0637 |
| 2016-07-28 | House | Effective Date July 1, 2017 |
| 2016-07-28 | House | Governor Approved |
| 2016-06-24 | House | Sent to the Governor |
| 2016-05-26 | House | Passed Both Houses |
| 2016-05-26 | Senate | Third Reading - Passed; 054-000-000 |
| 2016-05-10 | Senate | Placed on Calendar Order of 3rd Reading May 11, 2016 |
| 2016-05-10 | Senate | Second Reading |
| 2016-05-04 | Senate | Placed on Calendar Order of 2nd Reading May 5, 2016 |
| 2016-05-04 | Senate | Do Pass Judiciary; 010-000-000 |
| 2016-04-27 | Senate | Assigned to Judiciary |
| 2016-04-18 | Senate | Referred to Assignments |
| 2016-04-18 | Senate | First Reading |
| 2016-04-18 | Senate | Chief Senate Sponsor Sen. Don Harmon |
| 2016-04-18 | Senate | Placed on Calendar Order of First Reading April 19, 2016 |
| 2016-04-18 | Senate | Arrive in Senate |
| 2016-04-15 | House | Added Chief Co-Sponsor Rep. Carol Sente |
| 2016-04-14 | House | Third Reading - Short Debate - Passed 112-000-001 |
| 2016-04-12 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 2016-04-12 | House | Second Reading - Short Debate |
| 2016-04-07 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2016-04-06 | House | Do Pass / Short Debate Judiciary - Civil Committee; 011-000-000 |
| 2016-02-23 | House | Assigned to Judiciary - Civil Committee |
| 2016-01-13 | House | Referred to Rules Committee |
| 2016-01-13 | House | First Reading |
| 2015-12-14 | House | Filed with the Clerk by Rep. Elaine Nekritz |
