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Illinois legislature passes amendments to the State’s business entity laws

Il-laws-governing-bus-entitiesThe Illinois legislature made a number of amendments to Illinois business entity laws regarding the conduct of professional activities in 2015, including the enactment of the Professional Limited Liability Company Act, which allots companies organized under this act the same rights, privileges, obligations, and restrictions as those organized under the Limited Liability Company Act, except where the Limited Liability Company Act is inconsistent with the Professional Limited Liability Company Act. (When there are inconsistencies, the Professional Limited Liability Company Act takes precedence.) Legislators also amended the Illinois Securities Law of 1953 to create an exemption from certain filing and registration requirements for intrastate securities offerings that meet certain conditions.

The just released 2016 Edition of Illinois Laws Governing Business Entities captures those changes and more. This resource is the most comprehensive collection of annotated Illinois business entity statutes available.

The 2016 Edition is updated through Public Act 99-501, with over 50 statutes added or amended by the Illinois Legislature during the latest legislative session. Legislative changes are listed in the Table of Sections Affected, and Blackline Amendment notes in the book indicate where information has been added or deleted. We have also broadened the scope of the book to include selected sections from the Criminal Code, Code of Criminal Procedure and Code of Civil Procedure relating to corporations.

The 2016 Edition captures over 40 new case notes from state and federal court decisions, as well as the  full text of five significant covering recent legal developments regarding derivative claims, actions against dissolved corporations, service of process on an LLC, piercing the corporate veil, and liability for a subsidiary. New case notes are listed in the Table of New Annotations, and are indicated with gray bars inside the book.

Other resources include insightful commentary from legal advisor Darrell Pierce of Dykema Gossett PLLC, 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.


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