HB 363

Abstract

Amends the General Not For Profit Corporation Act of 1986. Permits the Secretary of State to dissolve any corporation administratively if it has failed to elect and maintain at least 3 directors in accordance with a specified provision of the Act. Amends the Limited Liability Company Act. Adds the following terms to the list of terms a limited liability company or foreign limited liability company shall not use in its name: (i) "Company", except as the final word in the complete phrase "limited liability company"; (ii) "Limited Liability Limited Partnership"; (iii) "L.L.L.P."; (iv) "Limited Liability Partnership"; and (v) "L.L.P.". In a provision concerning grounds for administrative dissolution, provides that the Secretary of State may dissolve any limited liability company administratively if it has failed to appoint and maintain a registered agent in Illinois in accordance with the provisions of the Act (rather than if it has failed to appoint and maintain a registered agent in Illinois within 60 days after a registered agent's notice of resignation). Provides that except in the case of a foreign limited liability company that has adopted an assumed name, the name of the series with limited liability must commence with the entire name of the limited liability company, as set forth in its articles of organization (rather than articles of incorporation). Effective July 1, 2015.