IL HB2860

Amends the Entity Omnibus Act to clarify that principles of law and equity supplement the Act unless displaced by specific provisions or the entity's organic law.

Adds new Section 110 authorizing the Secretary of State to issue interrogatories to entities and their members to verify compliance with the Act, with responses due within 30 days under oath; answers and interrogatories are confidential unless needed for criminal proceedings or state action.

Adds new Section 111 establishing that the Business Corporation Act of 1983, General Not For Profit Corporation Act of 1986, Limited Liability Company Act, Uniform Limited Partnership Act (2001), and Uniform Partnership Act (1997) govern their respective entities except where inconsistent with the Entity Omnibus Act, which controls in case of conflict.

Requires entities to maintain plans of conversion and domestication according to their records policies; simplifies conversion approval by removing the exception allowing interest holders to become subject to liability without unanimous consent.

Reduces the maximum effective date delay for domestication statements from 90 days to 30 days after filing; clarifies that entity names may be modified based on the organic law of the converted or domesticated entity.