In the spring of 2016 the Illinois House and Senate passed the HB4361, which was signed into law on July 28, 2016, by Governor Bruce Rauner. This bill, which becomes effective July 1st, brings about sweeping changes to the Illinois Limited Liability Company Act, and brings Illinois more in-line with the Uniform Limited Liability Company Act already being followed by most states. The chart below highlights some of these changes and articulates points of significance as it relates to the change.
Jackson Corporate Law