Recent Amendment to Illinois Business Entity Law Adds New Requirement for State Contractors

By Eric Geringswald | CSC

A recent amendment to Illinois’ business entity statutes will require state contractors to annually submit a list of services suppliers to the state’s Commission on Equity and Inclusion.

The list must be organized by category, including, but not limited to, legal services, accounting services, media placement, technology services, asset management, and consulting services. The list must also include the percentage of owners and employees in each category who are women or minority persons.

Corporations that submit annual supplier diversity reports to the Illinois Commerce Commission are exempt from the new requirement.

The law went into effect on June 1, 2024.

This and other changes to Illinois business entity law are captured in the 2024 Edition of Illinois Laws Governing Business Entities Annotated. Published by CSC in collaboration with legal publisher LexisNexis^®, this resource is a comprehensive collection of Illinois business entity statutes legal practitioners rely on to effectively conduct research, counsel clients, and complete transactions.

Illinois Laws Governing Business Entities Annotated

The 2024 Edition is current through P.A. 103-585 of the 2024 Regular Session of the 103rd General Assembly and annotated with the latest case notes showing how courts have interpreted the law. Also included are five full-text cases exploring recent legal developments relating to derivative actions, automatic stays, cash-out mergers, registered agents, and venue.

An up-to-date Fee Schedule lists the Secretary of State’s required fees for business filings. The book also includes online access to more than 100 Illinois business forms for incorporation/formation, qualification, mergers, dissolution, and name reservation for all entity types. A list of forms and contact information for the Illinois Secretary of State are included in the forms’ appendix.

Illinois Laws Governing Business Entities is available as a softbound book or as an eBook, compatible with dedicated eReader devices, computers, tablets, and smartphones that use eReader software or applications. It is also available on the LexisNexis Digital Library.

To learn more about the 2024 Edition of Illinois Laws Governing Business Entities Annotated, call 1.800.533.1637 or visit us online at www.lexisnexis.com/csc.