Illinois General Assembly - Bill Status for SB2557

Amends the Business Corporation Act of 1983, the General Not For Profit Corporation Act of 1986, the Limited Liability Company Act, and the Uniform Limited Partnership Act (2001). Provides that if the Secretary of State fails to approve any articles of incorporation or other documents filed under any of those Acts that are required to be approved by the Secretary of State before the same are filed in his or her office, the Secretary of State shall, within 20 business days (instead of 10 days in the case of a corporation or 10 business days in the case of a limited liability company or limited partnership) give written notice of the disapproval to the person or entity delivering the documents. Provides for judicial review of the Secretary of State's revocation of the authority (instead of the certificate of authority) to transact business or conduct affairs in this State of any foreign corporation. Effective immediately.

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