IL HB4740

Amends the Business Corporation Act of 1983 to add a 180-day deadline for completing reinstatement requirements after administrative dissolution of a domestic corporation.

Requires corporations seeking reinstatement to file an application, submit all overdue reports to the Secretary of State, and pay all outstanding fees, franchise taxes, and penalties within the 180-day period.

Upon successful reinstatement filing, the corporation's existence is deemed to have continued without interruption from the dissolution date, and all shareholder, director, officer, and agent actions during dissolution are ratified and confirmed.

Protects shareholders, directors, and officers from personal liability for corporate debts and liabilities incurred during the period of administrative dissolution once reinstatement is filed.