HB4360 Summary

• Removes "Chicago 2016" from the list of prohibited corporate and LLC names, keeping restrictions only on "Olympic," "Olympiad," "Paralympic," "Paralympiad," "Citius Altius Fortius," and "CHICOG" without United States Olympic Committee consent.

• Allows dissolved limited liability companies to revoke dissolution if members unanimously waive the right to wind up the company, file required reports and fees, and file articles of revocation with the Secretary of State.

• Changes LLC series naming requirements from "must contain" to "must commence with" the parent LLC's entire name, clarifying that series names need only begin with the parent company name.

• Clarifies that foreign limited liability companies seeking to transact business in Illinois must comply with Section 1-10 naming provisions and permits assumed names as required.

• Takes effect July 1, 2014.