Illinois General Assembly - Bill Status for SB0468

Amends the Library Incorporation Act, Business Corporation Act, Professional Service Corporation Act, General Not for Profit Corporation Act, Co-operative Act, and the Cemetery Association Act. Replaces the terms "certificates of incorporation" and "application for certificate of authority" with the terms "articles of incorporation" and "application for authority". Makes other changes. Amends the Limited Liability Company Act. Provides that a domestic limited liability company or foreign limited liability company shall have the power to change the address of its registered office. Amends the Uniform Partnership Act (1997). Provides that a partnership or registered limited liability partnership shall have the power to correct errors appearing on documents filed with the Secretary of State provided certain requirements are met. Amends the Revised Uniform Limited Partnership Act. Establishes a procedure for the administrative dissolution of a limited partnership and a procedure for reinstatement following the administrative dissolution of a limited partnership. Establishes a procedure for the administrative cancellation of a foreign limited partnership's application for admission and a procedure for reinstatement following the administrative cancellation of a foreign limited partnership's application for admission. Makes other technical changes.

Deletes everything after the enacting clause. Amends the Business Corporation Act of 1983. Provides that the basis for reducing the number of a corporation's authorized shares resulting from a reacquisition and cancellation of the shares must be set forth in the articles of incorporation. Removes language providing that a reduction in paid-in capital reported shall have no effect for any purpose under the Act with respect to a taxable year ending before the report is filed. Removes the five-year limitation on the reinstatement of domestic corporations after administrative dissolution. Removes the five-year limitation on the reinstatement of a foreign corporation after revocation. Amends the General Not For Profit Corporation Act of 1986. Removes language providing that a domestic corporation or a foreign corporation may change the address of its registered office or change its registered agent, or both, by so indicating on the statement of change on the annual report of that corporation filed pursuant to the Act. Amends the Limited Liability Company Act. Provides that a domestic limited liability company or a foreign limited liability company may change the address of its registered office, registered agent, or both, if certain conditions are satisfied. Establishes the fee for: (i) renewal of a reserved name; and (ii) filing a statement of change of address of registered office or change or registered agent, or both. Enhances the penalty for continued non-compliance to include $100 for each year or fraction thereof beginning with the second year of delinquency until reinstatement is effected. Makes other technical changes.

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