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Eric Geringswald
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Eric Geringswald Posted on : Insider Community

Illinois legislature enacts extensive and substantive changes for 2018

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Illinois lawmakers approved extensive changes to the state’s business laws, including the newly enacted Entity Omnibus Act and Revised Uniform Unclaimed Property Act.

The Revised Uniform Unclaimed Property Act, establishes rules to determine whether property is abandoned and rules for the disposition of unclaimed property and related matters. (The previous Uniform Disposition of Unclaimed Property Act is repealed.)

This Entity Omnibus Act establishes a framework for the conversion of corporations, not-for-profit corporations, limited liability companies, limited partnerships, and partnerships into other forms of business, and provides a framework for those entities to change the situs of domestication, as well as administrative authority to the Secretary of State. The act also sets forth the requirements for effecting the conversion or domestication, and amends the Business Corporation Act of 1983, the Professional Service Corporation Act, the Medical Corporation Act, the General Not For Profit Corporation Act of 1986, the Limited Liability Company Act, the Uniform Partnership Act (1997), and the Uniform Limited Partnership Act (2001) to make corresponding changes in those Acts.

These and other changes are captured in the 2018 Edition of Illinois Laws Governing Business Entities.

The 2018 Edition is updated through Public Act 100-585, with over 200 statutes added or amended by the Illinois Legislature during the latest legislative session. The book also includes over a dozen new case notes from state and federal court decisions, as well as the full text of four significant cases covering recent legal developments concerning jurisdiction over a foreign corporation, professional corporations, piercing the corporate veil, and reverse piercing.

Other resources include analysis of the amendments as well as a companion CD-ROM containing more than 100 Illinois forms for incorporation/formation, qualification, mergers, dissolution, and name reservation for all entity types. A listing of the forms and contact information for the Illinois Secretary of State can be found in the book’s forms appendix.

Illinois Laws Governing Business Entities is available as a softbound book or as an ebook, compatible with dedicated e-reader devices, computers, tablets and smartphones that use e-reader software or applications. It is also available on the LexisNexis Digital Library.