Bill Text: IL HB0363 | 2015-2016 | 99th General Assembly | Veto Message
Bill Title: Amends the General Not For Profit Corporation Act of 1986. Permits the Secretary of State to dissolve any corporation administratively if it has failed to elect and maintain at least 3 directors in accordance with a specified provision of the Act. Amends the Limited Liability Company Act. Adds the following terms to the list of terms a limited liability company or foreign limited liability company shall not use in its name: (i) "Company", except as the final word in the complete phrase "limited liability company"; (ii) "Limited Liability Limited Partnership"; (iii) "L.L.L.P."; (iv) "Limited Liability Partnership"; and (v) "L.L.P.". In a provision concerning grounds for administrative dissolution, provides that the Secretary of State may dissolve any limited liability company administratively if it has failed to appoint and maintain a registered agent in Illinois in accordance with the provisions of the Act (rather than if it has failed to appoint and maintain a registered agent in Illinois within 60 days after a registered agent's notice of resignation). Provides that except in the case of a foreign limited liability company that has adopted an assumed name, the name of the series with limited liability must commence with the entire name of the limited liability company, as set forth in its articles of organization (rather than articles of incorporation). Effective July 1, 2015.
Sponsorship: Partisan Bill (Democrat 3)
Status: (Failed) 2015-09-09 - Total Veto Stands - No Positive Action Taken [HB0363 Detail]
Download: Illinois-2015-HB0363-Veto_Message.html
August 18, 2015
To the Honorable Members of
The Illinois House of Representatives
99th General Assembly:
Today I veto House Bill 363 from the 99th General Assembly, which amends the Limited Liability Act to, among other things, prohibit a limited liability company or foreign liability company from using including the term �company� in its name except as the final word in the complete phrase �limited liability company�.
This bill is an example of unnecessary regulation on business without a substantiated need. Currently, there are more than 3,000 limited liability companies in Illinois that use the term �company� in their names. While presented as a consumer protection initiative, the proponents of this bill have not offered evidence as to why this practice � which is quite common � is harmful or confusing to consumers. Instead of seeking out solutions for problems that do not exist, we should focus on the very real problem of attracting and maintaining business in Illinois.
Therefore, pursuant to Section 9(b) of Article IV of the Illinois Constitution of 1970, I hereby return House Bill 363, �AN ACT concerning business�, with the foregoing objections, vetoed in its entirety.
Sincerely,
Bruce Rauner
GOVERNOR
