Illinois 96th Regular Session Status: Passed Senate 1 D cosponsors

SB 174 — LLC-MEMBER-MANAGED CONDUCT

Last action — Session Sine Die

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 96th Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Amends the Limited Liability Company Act. Provides that a member of a manager-managed company is held to specified standards of conduct to the extent that the member exercises the managerial authority vested in a manager under the Act (rather than applying such standards to a member who pursuant to the operating agreement exercises some or all of the authority of a manager in the management and conduct of the company's business).

Bill Text

What changed in the latest version

3 added · 19 removed

Plain-language change summary

The amendment to SB 174 changes the criteria for how a member of a Limited Liability Company (LLC) is held to managerial standards. Originally, it described a member's accountability based on their authority as outlined in the operating agreement, but the updated language focuses on individual members' managerial authority as defined by the LLC Act itself. This shift simplifies the responsibilities and could make it easier for members to manage their LLCs without the complexities of their operating agreements dictating those standards. This matters because it could provide more clarity and reduce legal complications for LLC members in Illinois.

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*LRB09605838KTG15918b* SB0174 96TH GENERAL ASSEMBLY State of Illinois and 2010 SB0174 Introduced 1/30/2009, by Sen.
SB0174 Engrossed LRB096 05838 KTG 15918 b AN ACT concerning business.
Don Harmon SYNOPSIS AS INTRODUCED:
ILCS 180/15-3 Amends the Limited Liability Company Act.
Provides that a member of a extent that the member exercises the managerial authority vested in athe manager under the Act (rather than applying such standards to a member who pursuant to the operating agreement exercises some or all of the authority of a manager in the management and conduct of the company's business).
LRB096 05838 KTG 15918 b A BILL FOR SB0174 LRB096 05838 KTG 15918 b AN ACT concerning business.
(2) to act fairly when a member deals with the company in the conduct or winding up of the company's business as or on behalf of a party having an interest adverse to the SB0174 - 2 - LRB096 05838 KTG 15918 b company;
(2) to act fairly when a member deals with the company in the conduct or winding up of the company's business as or on behalf of a party having an interest adverse to the SB0174 Engrossed - 2 - LRB096 05838 KTG 15918 b company;
(2) a manager is held to the same standards of conduct SB0174 - 3 - LRB096 05838 KTG 15918 b prescribed for members in subsections (b), (c), (d), and (e) of this Section;
(2) a manager is held to the same standards of conduct SB0174 Engrossed - 3 - LRB096 05838 KTG 15918 b prescribed for members in subsections (b), (c), (d), and (e) of this Section;
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Action History

  1. Session Sine Die

  2. Added as Co-Sponsor Sen. Martin A. Sandoval

  3. Rule 19(a) / Re-referred to Rules Committee

  4. Assigned to Executive Committee

  5. Referred to Rules Committee

  6. First Reading

  7. Chief House Sponsor Rep. JoAnn D. Osmond

  8. Placed on Calendar Order of First Reading

  9. Arrived in House

  10. Third Reading - Passed; 059-000-000

  11. Placed on Calendar Order of 3rd Reading ** April 2, 2009

  12. Placed on Calendar Order of 3rd Reading March 4, 2009

  13. Second Reading

  14. Placed on Calendar Order of 2nd Reading February 11, 2009

  15. Do Pass Judiciary; 010-000-000

  16. Assigned to Judiciary

  17. Referred to Assignments

  18. First Reading

  19. Filed with Secretary by Sen. Don Harmon

Sponsors

Sponsorship breakdown

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0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

Not signed on (182)

182 members have not signed on to this bill.

Show all 182 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Third Reading

Passed 59 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democrat 9000
Unaffiliated 49000
Republican 1000
Total 59000
% of votes cast 100%0%0%0%
How each member voted (59)
Member Party Vote
Lauzen — Yea
Link — Yea
Demuzio — Yea
Luechtefeld — Yea
Jacobs — Yea
Maloney — Yea
Millner — Yea
Munoz — Yea
Jones, J. — Yea
Brady — Yea
Sullivan — Yea
Noland — Yea
Pankau — Yea
Schoenberg — Yea
Silverstein — Yea
Steans — Yea
Trotter — Yea
Viverito — Yea
Cullerton — Yea
Wilhelmi — Yea
Clayborne — Yea
Cronin — Yea
Crotty — Yea
Dahl — Yea
DeLeo — Yea
Dillard — Yea
Duffy — Yea
Forby — Yea
Frerichs — Yea
Garrett — Yea
Haine — Yea
Hendon — Yea
Hultgren — Yea
Hutchinson — Yea
Kotowski — Yea
Radogno — Yea
Raoul — Yea
Righter — Yea
Risinger — Yea
Rutherford — Yea
Sandoval — Yea
Althoff — Yea
Martinez — Yea
Bivins — Yea
Bomke — Yea
Bond — Yea
Burzynski — Yea
Meeks — Yea
McCarter — Yea
David Koehler Democrat Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Eva-Dina Delgado Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Laura M. Murphy Democrat Yea
Linda Holmes Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Yea

Official roll call →

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 174 do?
Amends the Limited Liability Company Act. Provides that a member of a manager-managed company is held to specified standards of conduct to the extent that the member exercises the managerial authority vested in a manager under the Act (rather than applying such standards to a member who pursuant to the operating agreement exercises some or all of the authority of a manager in the management and conduct of the company's business).
Who sponsors SB 174?
SB 174 is sponsored by Don Harmon (Democrat).
What is the current status of SB 174?
This bill died with 96th Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 174?
Track SB 174 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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