The Illinois legislature passed the Illinois Limited Liability Company Act on September 11, 1992.1 The effective date of the Act was January 1, 1994.2 Illinois was the eighteenth state to enact legislation allowing limited liability companies (LLCs). 3 The issue of whetherPotocki, Kristina D...
the Illinois Limited Liability Company Act and the Uniform Partnership Act, Illinois Trade Secret Act, the Illinois Consumer Fraud Act, as well as cases related to breach of fiduciary duty, fraud, misrepresentation, and other shareholder
The repeal of a law by this Act shall not affect any right accrued or established, or any liability or penalty incurred, under the provisions of such law, prior to the repeal thereof, provided, that in computing and adjusting franchise tax and penalties past due from a corporation, domestic...
An amendment to the Illinois Gender Violence Act (IGVA), codified as Public Act No. 103-0282, went into effect January 1, 2024. The amendment outlines the specific circumstances under which liability may be imposed on employers for gender-related violence committed in the workplace by the empl...
The operating agreement for the Special Purpose Limited Liability Company for Self-Directed 401(k) Account has to comply with the Internal Revenue Code, Employee Retirement Security Act of 1974 (ERISA) and corresponding regulations.As a result of such laws, the 401(k) Plan cannot invest in ...
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If you’re forming an Illinois PLLC, you’ll use the same Articles of Organization form and the same process in general, with a couple of exceptions. For your name, you’ll need to use the designator Professional Limited Liability Company, PLLC, or P.L.L.C. You’ll also need to speci...
“gambling device” is any property used for gambling not authorised under the Illinois Gambling Act or the Video Gaming Act. Exemptions under “gambling devices” include, but are not limited to, equipment under the Video Gaming Act and certain vending machines and amusement machines. The ...
Medical professionals have a duty to their patients, and when they neglect this obligation, they need to be held accountable. If you’ve suffered because of medical negligence, it’s time to act. Nursing Home Abuse & Neglect We put a lot of trust in nursing facilities, but if you or a...
The entity-specific statutes permit the appointment of a receiver for the judicial dissolution of for-profit corporations, non-profit corporations, limited liability companies, and cooperatives, and the industry-specific statutes permit the appointment of a receiver for the windup of failed insurance ...