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SB 504 Illinois Senate · 94th Regular Session

LLC ACT-SERIES LLC

Summary
Amends the Limited Liability Company Act. Provides that an operating agreement may establish designated series of members, managers or limited liability company interests having separate rights, powers or duties with respect to specified property or obligations of the limited liability company or profits and losses associated with specified property or obligations, and to the extent provided in the operating agreement, any such series may have a separate business purpose or investment objective. Establishes the procedures for management, dissolution, and operation of a series. Provides the fee for filing articles of organization, annual reports, and certificates of designation for a series of a limited liability company. Effective July 1, 2005.
Bill status signed all 5 stages cleared
Introduction
Apr 2005
Committee Review
Apr 2005
Senate Passage
May 2005
House Passage
May 2005
Signed into Law
Aug 2005
Introduced Apr 7, 2005 Signed Aug 16, 2005
Floor votes · Senate Apr 7, 2005 · House May 20, 2005

How they voted

43–0
Passed · 3 other
Total votes 46
Apr 7, 2005
D Democratic25
24 Yea 1
96% Yea
R Republican21
19 Yea 2
90% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
27
Key actions
5
Committee
6
Aug 16, 2005
Signed into law
Governor Approved
upper
May 20, 2005
Upper · Passed
Passed Both Houses
upper
Apr 27, 2005
Lower · Passed
Do Pass / Short Debate Judiciary I - Civil Law Committee; 008-002-000
lower
Apr 20, 2005
Committee
Assigned to Judiciary I - Civil Law Committee
lower
Apr 15, 2005
Committee
Referred to Rules Committee
lower
Apr 7, 2005
Introduced
Arrived in House
lower
Apr 7, 2005
Senate · Passed
Senate Vote: pass (43-0-3)
senate
Mar 2, 2005
Upper · Passed
Do Pass Judiciary; 010-000-000
upper
Feb 23, 2005
Committee
Assigned to Judiciary
upper
Feb 17, 2005
Committee
Referred to Rules
upper
0 primary · 1 co-sponsor

Sponsors

No sponsor information available.