SB 1495

Abstract

Amends the Limited Liability Company Act. Provides that if a company fails to permit the inspection of records as required under the Act, a person making a request or demand may file an action to compel the company to permit the inspection and copying and obtain other legal or equitable relief, including (if the court finds that the company acted unreasonably) costs and attorney's fees. Provides that specified provisions do not limit the personal liability of a member or manager imposed under a law other than the Act, including agency, contract, and tort law. Makes various changes concerning: definitions; admission of members; statements of authority; operating agreements; actions by members; transfer of interests; and dissociation of members. Senate Floor Amendment No. 1 Deletes reference to: 805 ILCS 180/15-5 Provides that a purpose of the bill is to overrule Dass v. Yale, 2013 IL App (1st) 122520. Removes changes that would have permitted certain decisions to be ratified by one or more members or disinterested managers or other disinterested persons. House Committee Amendment No. 1 Provides that a purpose of the bill is to overrule the interpretation of specified portions of the Limited Liability Company Act set forth in Dass v. Yale, 2013 IL App (1st) 122520, and Carollo v. Irwin, 2011 IL App (1st) 102765 instead of ("to overrule Dass v. Yale"). Corrects a typographical error.