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Under 805 ILCS 5/12.80 (the ?Survival Statute?), the dissolution of a corporation does not take away or impair any civil remedy available to or against the corporation, its directors, or shareholders for any claim existing prior to, at the time of, or after such dissolution, as long as the action or proceeding is ...
Your operating agreement is the legal blueprint for how your Illinois LLC functions internally. It's a legally binding contract between LLC members and determines how your LLC will handle important processes, including voting, transfers of membership interest, allocating profits and losses, and dissolution.
9.05. Power of corporation to acquire its own shares. (a) A corporation may acquire its own shares, subject to limitations set forth in Section 9.10 of this Act.
(a) A dissolved limited liability company may publish notice of its dissolution and request persons having claims against the company to present them in ance with the notice. company is barred unless a proceeding to enforce the claim is commenced within 5 years after publication of the notice.
If the professional limited liability company submits an application for a certificate of registration, it must pay the $50 application fee and a late fee of $100 for each year that the professional limited liability company opened, operated, or maintained an establishment without a certificate of registration for the ...
The Limited Liability Company Act allows an LLC to be created for any lawful purpose, other than insurance. 805 ILCS 180/1-25. An LLC may be designated as a ?low-profit? limited liability company if it serves a charitable or educational purpose.
Effective January 1, 1992, Illinois Public Act 87-673 (30 ILCS 535/1-535/80), known as the Architectural, Engineering and Land Surveying Qualifications Based Selection Act, mandated state agencies to select design professionals on the basis of demonstrated competence and professional qualifications.
It is the legislative intent to provide for the incorporation of an individual or group of individuals to render the same professional service or related professional services to the public for which such individuals are required by law to be licensed or to obtain other legal authorization, while preserving the ...