On December 8, 2017, Illinois Governor Bruce Rauner signed HB 2963 into law. HB 2963 establishes the Entity Omnibus Act, which will govern conversions and domestications.
At present, many entity conversion and domestication provisions are located in separate acts. The Entity Omnibus Act amends these statutes so that these provisions are centralized in one Act. Note that business corporations are included within the definition of “entity” within the Entity Omnibus Act, thus adding them to the Act’s conversion and domestication provisions. (At present, conversion and domestication provisions are not included for business corporations.)
The Act will become effective on July 1, 2018. More information will be posted as the effective date becomes closer.
