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Illinois – Legislation Amends Limited Liability Company Act

House Bill 4361 (Public Act No. 637) signed by the governor July 28 and effective July 1, 2017 amends the Limited Liability Company Act to, among other things, update conversion, merger and domestication provisions; permit filing of a statement of authority or limitation of authority to execute instruments transferring real property or to enter into other transactions on behalf of the LLC; permit filing of a statement of termination after winding up a dissolved LLC; expand the scope of operating agreements; and protect LLC names for 3 years after administrative dissolution.