Attorneys who have business clients or who are forming businesses in Illinois now have new strategic opportunities when drafting operating agreements, thanks to recent Illinois Limited Liability Company Act amendments.
Yes, you can depose a corporation, and Illinois Supreme Court Rule 206(a)(1) sets out the process. The bad news: Illinois courts have said little about the Rule. The good news: Plenty of federal rulings have interpreted FRCP 30(b)(6), the model upon which the Illinois rule is based.
Amendments to the Limited Liability Company Act (805 ILCS 180/50-10) reduce some fees in the fee schedule for limited liability companies filing documents with the Secretary of State to match the fees for similar documents in the fee schedule for corporations.
The General Not For Profit Corporation Act of 1986 has been amended to impose new requirements on nonprofit corporations organized for the ownership or administration of a residential cooperative property.
The General Not For Profit Corporation Act of 1986 has been amended to allow for the formation of nonprofits for the purpose of cooperatively owning and operating agriculture-based anaerobic digestion systems.
Drag-along rights let majority shareholders force others to sell at the same price and on the same terms, making the shares more valuable. The author argues they should be enforceable in Illinois and offers a checklist for drafting drag-along provisions.
On November 5, 2010, the Appellate Court of Illinois, Fourth District, reversed and remanded a decision of the Circuit Court of Champaign County, finding personal jurisdiction over a California corporation in a retaliatory discharge case.