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Illinois – Legislation Amends Business Entity Statutes

House Bill 2713 (Public Act No. 486) signed by the governor September 8 and effective January 1, 2018 amends business entity statutes to (1) establish expedited service fees under the Uniform Partnership Act; (2) prohibit a LLC from using the name of a domestic corporation that has been administratively dissolved until three (3) years have elapsed following the date of issuance of the certificate of dissolution; and (3) modifies corporation annual report requirements  concerning the aggregate number of shares the corporation has authority to issue and an extended filing month.