Bill Title: 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.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2016-07-28 - Public Act . . . . . . . . . 99-0637 [HB4361 Detail]

Text: Latest bill text (Chaptered) [HTML]

---

Voting Records

Chamber	Vote	Date	Yea	Nay	NV	Abs	Total	Result	Source	View
Senate	Third Reading in Senate	2016-05-26	54	0	5	0	59	Passed	Link	View
House	Third Reading in House	2016-04-14	112	0	1	1	114	Passed	Link	View

Social Comments on IL HB4361