Illinois lawmakers have amended the state’s Limited Liability Company Act to allow LLCs to revoke the decision to terminate if done within 90 days after the effective date of the termination (or longer if the LLC pays a penalty) so long as the entity hasn’t begun to distribute assets.
LLCs may now also be reinstated following termination. To be reinstated, the entity must file an application, pay the designated fees, and file the necessary reports.
If the LLC is successful in revoking the decision to terminate, or with reinstatement after termination, the company can resume operations and will be deemed to have continued without interruption.
These and other changes are captured in the 2022 Edition of Illinois Laws Governing Business Entities Annotated.
The 2022 Edition is updated through Illinois Public Act 102-696 and includes more than 80 recently added or amended sections. In addition to LLC reinstatement, changes include important updates regarding remote shareholder meetings. The book’s Legislative Summary explores these and other changes to the law made in 2021.
This newest edition features the latest case notes from state and federal court decisions, as well as the full text of three significant cases covering recent legal developments relating to corporate opportunities, closely held corporations, and liability of LLC managers.
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 up-to-date fillable 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.
To learn more about the 2022 Edition of Illinois Laws Governing Business Entities, call 1.800.533.1637 or visit us online at www.lexisnexis.com/csc.
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