IL HB3577

Amends the Limited Worker Cooperative Association Act to replace terminology of "bylaws" with "cooperative agreement" and "directors" with "managers" or "managing members" throughout the statute.

Establishes new provisions for limited worker cooperative associations including annual reporting requirements (due 60 days before anniversary month with $50 filing fee), administrative dissolution procedures, and reinstatement processes.

Defines new member categories including "worker-member," "patron member," "investor member," and "collective worker cooperative" where all members are deemed managers; requires worker-members to maintain majority voting power in all associations.

Expands the governance framework to permit multiple classes of patron members, establish internal capital accounts, allocate earnings through patronage, and create collective reserve accounts for association purposes.

Requires limited worker cooperative association names to include "Limited Worker Cooperative Association," "LWCA," or "L.W.C.A." and establishes filing fees ranging from $5 to $100 for various documents and amendments.