IL HB4578

Removes Olympic-related word restrictions from corporate name requirements in the Business Corporation Act, effective immediately (struck language prohibiting "Olympic," "Olympiad," "Paralympic," "Paralympiad," "Citius Altius Fortius," and "CHICOG").

Removes Olympic-related word restrictions from corporate name requirements in the General Not For Profit Corporation Act (struck language prohibiting "Olympic," "Olympiad," "Paralympic," "Paralympiad," "Citius Altius Fortius," "CHICOG," and "Chicago 2016").

Modifies penalty timing and amounts for Limited Liability Companies failing to file annual reports: changes deadline from 60 days after due date to before the first day of the second month after the anniversary month, and reduces initial penalty from $300 to $100.

Clarifies that assumed corporate names must comply with specific requirements (sections 2, 3, 4, 5, and 6) rather than including section 9 restrictions.