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In its 2014 session, the Illinois Legislature approved an amendment providing that the dissolution of a corporation does not impair a civil remedy available to or against the corporation for any liability accrued or incurred (rather than incurred) either prior to, at the time of, or after (rather than incurred prior to) the dissolution. The provision does not extend any applicable statute of limitations.
This act amends the Business Corporation Act of 1983, General Not For Profit Corporation Act of 1986, Limited Liability Company Act, and Uniform Limited Partnership Act (2001) in relation to director and officer liability when the entity has been dissolved, and provides that directors, officers, and others are not liable for liabilities incurred during periods of administrative dissolution, if the entity is reinstated.
Illinois Laws Governing Business Entities, 2015 Edition
These and other recent changes to Illinois business law are captured in the 2015 Edition of Illinois Laws Governing Business Entities, releasing this month. Published by CSC® Publishing in collaboration with LexisNexis, this resource is the most comprehensive collection of annotated Illinois business statutes available.
The 2015 Edition is updated through Public Act 98-1174, with more than 20 statutes added or amended by the Illinois Legislature during the 2014 session. The book’s Table of Sections Affected provides an overview of legislative changes, and Blackline Amendment notes clearly indicate how the laws have changed.
The new edition includes 35 new case annotations from state and federal court decisions that provide practitioners with insight on how the courts interpret and apply the law. The Table of New Annotations lists the new cases that have been added, and gray bars in the body of the book indicate where new cases have been inserted.
Five full-text cases highlight important recent developments in business entity law, including Sunlitz Holding Co. (concerning shareholder inspection of records) and Advocate Financial Group, LLC (concerning debts of a dissolved corporation).
The book includes a CD-ROM with a comprehensive collection of over 100 forms for incorporation/formation, qualification, mergers, dissolution, and name reservation for all entity types in Illinois. A listing of the forms and contact information for Illinois can be found in the book’s appendix.
Illinois Laws Governing Business Entities, 2015 Edition, is available as a softbound book or as an e-book, compatible with dedicated e-reader devices, computers, tablets, and smartphones that use e-reader software or applications. It is also available from the LexisNexis Digital Library.
To learn more about Illinois Laws Governing Business Entities, 2015 Edition, call 1.800.533.1637 or visit us online at www.lexisnexis.com/csc.