DILLARD. (RYDER-BIGGERT) New Act 35 ILCS 5/1501 from Ch. 120, par. 15-1501 805 ILCS 180 Art. 57 heading new 805 ILCS 180/57-1 new 805 ILCS 180/57-5 new Creates the Uniform Limited Liability Company Act (1995). Provides for the organization and operation of limited liability companies. Applies, with certain exceptions, to all limited liability companies formed after December 31, 1997. Provides that existing limited liability companies may elect to be subject to this Act. Amends the Illinois Income Tax Act to make conforming changes. Amends the Limited Liability Company Act to provide for its repeal on January 1, 2003. Effective January 1, 1998. SENATE AMENDMENT NO. 1. Deletes reference to: New Act 35 ILCS 5/1501 805 ILCS 180/Art. 57 heading new 805 ILCS 180/57-1 new 805 ILCS 180/57-5 new Adds reference to: 205 ILCS 620/1-5.09 from Ch. 17, par. 1551-5.09 205 ILCS 620/1-5.11 from Ch. 17, par. 1551-5.11 205 ILCS 620/1-6 from Ch. 17, par. 1551-6 205 ILCS 620/3-2 from Ch. 17, par. 1553-2 805 ILCS 5/11.39 new 805 ILCS 180/1-5 805 ILCS 180/1-10 805 ILCS 180/1-25 805 ILCS 180/1-30 805 ILCS 180/1-35 805 ILCS 180/1-40 805 ILCS 180/1-43 new 805 ILCS 180/5-1 805 ILCS 180/5-5 805 ILCS 180/5-15 805 ILCS 180/5-25 805 ILCS 180/5-45 805 ILCS 180/5-50 805 ILCS 180/10-1 805 ILCS 180/10-10 805 ILCS 180/10-15 805 ILCS 180/Art. 13 heading new 805 ILCS 180/13-5 new 805 ILCS 180/13-10 new 805 ILCS 180/15-1 805 ILCS 180/15-3 new 805 ILCS 180/15-5 805 ILCS 180/15-7 new 805 ILCS 180/15-20 new 805 ILCS 180/20-5 805 ILCS 180/Art. 25 heading 805 ILCS 180/25-1 805 ILCS 180/25-30 new 805 ILCS 180/25-35 new 805 ILCS 180/25-45 new 805 ILCS 180/25-50 new 805 ILCS 180/30-1 805 ILCS 180/30-5 805 ILCS 180/30-10 805 ILCS 180/30-20 805 ILCS 180/Art. 35 heading 805 ILCS 180/35-1 805 ILCS 180/35-3 new 805 ILCS 180/35-4 new 805 ILCS 180/35-7 new 805 ILCS 180/35-10 805 ILCS 180/35-20 805 ILCS 180/35-30 805 ILCS 180/35-45 new 805 ILCS 180/35-50 new 805 ILCS 180/35-55 new 805 ILCS 180/35-60 new 805 ILCS 180/35-65 new 805 ILCS 180/35-70 new 805 ILCS 180/Art. 37 heading new 805 ILCS 180/37-5 new 805 ILCS 180/37-10 new 805 ILCS 180/37-15 new 805 ILCS 180/37-20 new 805 ILCS 180/37-25 new 805 ILCS 180/37-30 new 805 ILCS 180/37-35 new 805 ILCS 180/40-1 805 ILCS 180/40-5 805 ILCS 180/45-1 805 ILCS 180/45-5 805 ILCS 180/45-35 805 ILCS 180/45-65 new 805 ILCS 180/50-1 805 ILCS 180/50-10 805 ILCS 180/50-15 805 ILCS 180/55-15 new 805 ILCS 180/60-1 805 ILCS 180/1-45 rep. 805 ILCS 180/5-20 rep. 805 ILCS 180/10-5 rep. 805 ILCS 180/20-10 rep. 805 ILCS 180/20-15 rep. 805 ILCS 180/25-5 rep. 805 ILCS 180/25-10 rep. 805 ILCS 180/25-15 rep. 805 ILCS 180/25-25 rep. 805 ILCS 180/30-15 rep. 805 ILCS 180/35-5 rep. 805 ILCS 180/35-35 rep. 805 ILCS 205/7.1 new 805 ILCS 205/7.2 new 805 ILCS 210/210 new 805 ILCS 210/211 new Deletes everything. Amends the Corporate Fiduciary Act to add limited liability companies to the definitions of "person" and "trust company" and a provision concerning general corporate powers. Adds membership interests to provisions concerning a change in control. Amends the Limited Liability Company Act, the Business Corporation Act of 1983, the Uniform Partnership Act, and the Revised Uniform Limited Partnership Act in relation to mergers with and conversions into limited liability companies. Amends the Limited Liability Company Act in relation to definitions, a company's name, the nature of business, powers, records, supplemental principles of law, organization, articles of organization, amendment by managers, articles of amendment, filing an authorization, amendment or dissolution by judicial act, admission of members, liability of members and managers, the right to information, the agency of members and managers, company liability, management, standards of conduct, the operating agreement, the right to payments and reimbursement, actions by members, liability for contributions, distributions, claims against a dissolved company, distributional interests, rights of a transferee, rights of a creditor, dissolution, a member's dissociation, a right of action, proper plaintiffs, the law governing and admission of foreign liability companies, annual reports, fees, penalties, transitional provisions, and the effective date. Repeals certain provisions in relation to a member's business transactions with the company, amendment by managers and members, decisions of members, indemnification, sharing of profits and losses, distributions, resignation of a member, substituted members, and dissolution. Effective January 1, 1998. SENATE AMENDMENT NO. 2. Adds reference to: 805 ILCS 180/150-10 rep. Provides that an operating agreement may determine whether a dissociation is wrongful, and it may eliminate or vary the obligation of the limited liability company to purchase the dissociated member's distributional interest (instead of allowing the agreement to restrict the right of a member to dissociate and to restrict or modify the obligation of the company to purchase the dissociated member's interest). Provides an exception to the provisions concerning a limited liability company being dissolved and requiring its business to be wound up upon the occurrence of certain events for when the members unanimously waive the right to have the company's business wound up and the company terminated. Provides that upon the filing of the articles of dissolution, the existence of the company shall terminate (instead of cease). Provides that the manager or managers at the time of termination (instead of dissolution) shall be trustee for the members and creditors. Provides that the member or members at the time of termination shall be trustee for the members and creditors. Provides that upon a member's dissociation from a limited liability company, the member's fiduciary duties terminate (instead of the member's duty of loyalty to refrain from competing with the company before the dissolution of the company terminates). Further amends the Limited Liability Company Act to repeal provisions concerning indemnification of managers, employees and agents and insurance. HOUSE AMENDMENT NO. 1. Adds reference to: 805 ILCS 5/13.05 from Ch. 32, par. 13.05 Provides that a corporation or limited liability company organized for the practice of medicine or dentistry may not be merged or admitted to transact business in this State unless the ownership interests are owned only by individuals who are licensed under the Medical Practice Act of 1987 or the Illinois Dental Practice Act, as the case may be. STATE MANDATES FISCAL NOTE, H-AM 1 (DCCA) SB 1020 fails to create a State mandate. HOUSE AMENDMENT NO. 2. Provides that a corporation or limited liability company may not operate in this State unless the owners have the authority to engage in the business or comply with the ownership requirements of the Professional Service Corporation Act. 97-02-07 S FIRST READING 97-02-07 S REFERRED TO SENATE RULES COMMITTEE RULES 97-02-19 S ASSIGNED TO COMMITTEE COMM & INDUST 97-03-14 S AMENDMENT NO. 01-COMM & INDUS S 97-03-14 S ADOPTED 97-03-14 S DO PASS AS AMENDED 009-000-000 SCED 97-03-14 S PLACED ON CALENDAR ORDER OF 2ND READING 97-03-17 97-03-18 S FILED WITH SECRETARY 97-03-18 S AMENDMENT NO. 02-DILLARD 97-03-18 S AMENDMENT REFERRED TO SRUL 97-03-18 S AMENDMENT NO. 02-DILLARD 97-03-18 S BE APPROVED FOR CONSIDERATION SRUL 97-03-18 S SECOND READING 97-03-18 S AMENDMENT NO. 02-DILLARD 97-03-18 S ADOPTED 97-03-18 S PLACED ON CALENDAR ORDER OF 3RD READING 97-03-19 97-03-19 S THIRD READING - PASSED 054-000-000 97-03-19 H ARRIVE IN HOUSE 97-03-19 H PLACED CALENDAR ORDER OF FIRST READING 97-03-20 H HOUSE SPONSOR RYDER 97-03-20 H FIRST READING 97-03-20 H REFERRED TO HOUSE RULES COMMITTEE RULES 97-03-21 H ASSIGNED TO COMMITTEE JUD-CIVIL LAW 97-04-30 H AMENDMENT NO. 01-JUD-CIVIL LAW H 97-04-30 H ADOPTED 97-04-30 H DO PASS AMENDED/SHORT DEBATE 009-001-000 HJUA 97-04-30 H PLACED CALENDAR 2ND READING-SHORT DEBATE 97-05-01 H SECOND READING-SHORT DEBATE 97-05-01 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 97-05-06 H ADDED AS A JOINT SPONSOR BIGGERT 97-05-08 H STATE MANDATES FISCAL NOTE FILED AS AMENDED 97-05-08 H CALENDAR ORDER 3RD READING-SHORT DEBATE 97-05-13 H RECALLED TO SECOND READING-SHORT DEBATE 97-05-13 H AMENDMENT NO. 02-RYDER 97-05-13 H AMENDMENT REFERRED TO HRUL 97-05-13 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE 97-05-14 H AMENDMENT NO. 02-RYDER 97-05-14 H BE ADOPTED HRUL 97-05-14 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE 97-05-15 H AMENDMENT NO. 02-RYDER 97-05-15 H ADOPTED 97-05-15 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 97-05-16 H THIRD READING/SHORT DEBATE/PASSED 117-001-000 97-05-16 S SECRETARYS DESK - CONCURRENCE 01,02 97-05-19 S FILED WITH SECRETARY 97-05-19 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01,02/DILLARD 97-05-19 S MOTION REFERRED TO SRUL 97-05-20 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01,02/DILLARD 97-05-20 S RULES REFERS TO SCED 97-05-20 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01,02/DILLARD 97-05-20 S BE ADOPTED SCED/008-000-000 97-05-20 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01,02/DILLARD 97-05-20 S SEN CONCURS IN HSE AMENDMENTS (NO.) 01,02/057-000-000 97-05-20 S PASSED BOTH HOUSES 97-06-18 S SENT TO THE GOVERNOR 97-08-15 S GOVERNOR APPROVED 97-08-15 S EFFECTIVE DATE 98-01-01 97-08-15 S PUBLIC ACT.............................. 90-0424 END OF INQUIRY Full Text Bill Summary