LLC ACT-SERIES LLC Senate SponsorsSen. Don Harmon-Richard J. Winkel, Jr. House Sponsors(Rep. Kevin Joyce) 8/16/2005SenatePublic Act . . . . . . . . . 94-0607 805 ILCS 180/37-40 new805 ILCS 180/50-10Amends the Limited Liability Company Act. Provides that an operating agreement may establish designated series of members, managers or limited liability company interests having separate rights, powers or duties with respect to specified property or obligations of the limited liability company or profits and losses associated with specified property or obligations, and to the extent provided in the operating agreement, any such series may have a separate business purpose or investment objective. Establishes the procedures for management, dissolution, and operation of a series. Provides the fee for filing articles of organization, annual reports, and certificates of designation for a series of a limited liability company. Effective July 1, 2005. 2/17/2005SenateFiled with Secretary by Sen. Don Harmon 2/17/2005SenateFirst Reading 2/17/2005SenateReferred to Rules 2/23/2005SenateAssigned to Judiciary 3/2/2005SenateAdded as Chief Co-Sponsor Sen. Richard J. Winkel, Jr. 3/2/2005SenateDo Pass Judiciary; 010-000-000 3/2/2005SenatePlaced on Calendar Order of 2nd Reading March 3, 2005 3/3/2005SenateSecond Reading 3/3/2005SenatePlaced on Calendar Order of 3rd Reading March 8, 2005 4/7/2005SenateThird Reading - Passed; 056-000-000 4/7/2005HouseArrived in House 4/7/2005HousePlaced on Calendar Order of First Reading 4/15/2005HouseChief House Sponsor Rep. Kevin Joyce 4/15/2005HouseFirst Reading 4/15/2005HouseReferred to Rules Committee 4/20/2005HouseAssigned to Judiciary I - Civil Law Committee 4/27/2005HouseDo Pass / Short Debate Judiciary I - Civil Law Committee; 008-002-000 4/28/2005HousePlaced on Calendar 2nd Reading - Short Debate 5/10/2005HouseSecond Reading - Short Debate 5/10/2005HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/20/2005HouseThird Reading - Short Debate - Passed 062-049-000 5/20/2005SenatePassed Both Houses 6/17/2005SenateSent to the Governor 8/16/2005SenateGovernor Approved 8/16/2005SenateEffective Date August 16, 2005 8/16/2005SenatePublic Act . . . . . . . . . 94-0607