Subject Index Business Law

Finding that women and minorities are largely underrepresented in positions of corporate authority, the General Assembly amended the Business Corporation Act of 1983 to require domestic corporations and foreign corporations with a principal executive office in Illinois to provide additional information about their board members and executive officers in their annual reports.

A foreign corporation does not subject itself to Illinois general jurisdiction by registering to do business in Illinois under the Business Corporation Act of 1983, 805 ILCS 5/1.01 et seq. (2012).

Non-resident business owners should be aware that amendments to section 3380 of 86 Ill. Adm. Code 100 (eff. Jan. 5, 2016) enacted new rules for the treatment of gains and losses from hedging transactions.

The Office passed the new rulemaking in order to bring the Attorney General's rule in line with amendments made by Pub. Act 0098-1076 to 30 ILCS 500, Illinois Procurement Code. 44 Ill. Adm. Code 1300 (eff. Feb. 11, 2016).

Co-operative purchasers of corporate stock may now purchase an increased number and value of shares. Co-operative purchasers are those who form "any co-operative association for the purpose of purchasing of or selling to all shareholders and others."

The General Assembly amended the procedures by which a limited liability company may waive its right to wind up business and be terminated.

On December 20, 2013, the Illinois First District Appellate Court, as a matter of first impression, held that the sole member of a limited liability company (LLC) that sold a condominium unit was not personally liable for alleged frauds committed by that LLC.

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 Illinois Secretary of State recently updated the forms that may be used in UCC filings, and the font and case requirements for preparations of these forms. 14 Ill. Adm. Code 180.12.

On March 8, 2013, the Illinois Appellate Court, First District, held there must be evidence that a principal indicated an agent was authorized to bind the principal to a contract prior to its signing, or that the principal had knowledge of the contract, for the principal to be liable under claims of apparent authority or ratification.