What is the primary law regulating corporate governance in Illinois?

The primary law regulating corporate governance in Illinois is the Illinois Business Corporation Act of 1983. This Act provides the legal framework for the formation, operation, and dissolution of corporations within the state. It outlines the rights and responsibilities of shareholders, directors, and officers, and establishes the procedures for corporate governance. By setting forth regulations on corporate structures, fiduciary duties, and the process for meetings and voting, this Act is essential for maintaining corporate compliance and protecting the interests of stakeholders.

The Illinois Nonprofit Corporation Act, while important, specifically addresses the governance of nonprofit organizations rather than for-profit corporations. The Uniform Partnership Act governs partnerships, which are distinct legal entities from corporations, focusing on how partnerships are formed and operated. The Illinois Limited Liability Company Act pertains to limited liability companies, offering a different set of rules and regulations tailored to that business structure. Each of these acts serves a specific purpose within the realm of business law, but in terms of corporate governance for for-profit entities, the Illinois Business Corporation Act of 1983 is the primary authority.