What’s New in Illinois Business Law: 2025 Changes Affect Nonprofits, LLCs, and Digital Asset Transactions

By Eric Geringswald | CSC

Stay Compliant with Up-to-Date Illinois Business Law Resources

Illinois lawmakers enacted several changes to the state’s business entity laws during the 2024 session. Changes included:

• A new reporting requirement requiring Illinois nonprofit corporations that report grants of $1 million or more to other charitable organizations to post on their websites the aggregated demographic information of their directors and officers, including race, ethnicity, gender, disability status, veteran status, sexual orientation, and gender identity. The aggregated demographic information must be accessible on the website for at least three years after it is posted.

• A new UCC chapter creating rules and procedures for transactions involving digital assets, referred to as controllable electronic records. These may include cryptocurrency and non-fungible tokens (NFTs).

• An amendment to the Limited Liability Company Act stating that the Act doesn’t limit personal liability of a member or manager of an LLC imposed under law other than the LLC Act, including, but not limited to, the law of agency, contracts, and torts, and court-imposed equitable remedies, such as piercing the LLC veil.

Explore the 2025 Edition of Illinois Laws Governing Business Entities Annotated

These and other changes to Illinois business entity law are captured in the 2025 Edition of Illinois Laws Governing Business Entities Annotated. Published by CSC in collaboration with legal publisher LexisNexis^®, this resource is a comprehensive collection of Illinois business entity statutes legal practitioners rely on to effectively conduct research, counsel clients, and complete transactions. The 2025 Edition is current through Public Act 1082 of the 103rd General Assembly, featuring more than 70 added or amended sections since the 2024 edition.

The statutes are annotated with the latest case notes showing how courts have interpreted the law. Also included are four full-text cases exploring recent legal developments relating to corporate records, veil-piercing, registered agents of LLCs, and medical corporations.

An up-to-date Fee Schedule lists the Secretary of State’s required fees for business filings. The book also includes online access to more than 100 Illinois business forms for incorporation/formation, qualification, mergers, dissolution, and name reservation for all entity types. A list of forms and contact information for the Illinois Secretary of State are included in the forms appendix.

Illinois Laws Governing Business Entities Annotated is available as a softbound book or as an eBook, compatible with dedicated eReader devices, computers, tablets, and smartphones that use eReader software or applications. It is also available on the LexisNexis^® Digital Library.

To learn more about the 2025 Edition of Illinois Laws Governing Business Entities Annotated, call 1.800.533.1637 or visit us online at www.lexisnexis.com/csc.