From Illinois Business Journal news services
SPRINGFIELD – Gov.Bruce Rauner took the rare step this week of vetoing a piece of legislation that had sailed through both chambers of the Illinois General Assembly without a dissenting vote.
The measure, House Bill 363, would have amended the Limited Liability Act to, among other things, prohibit a limited liability company or foreign liability company from using including the term “company” in its name except as the final word in the complete phrase “limited liability company.”
“This bill is an example of unnecessary regulation on business without a substantiated need,” Rauner said in a letter addressed to the House of Representatives. “Currently, there are more than 3,000 limited liability companies in Illinois that use the term “company” in their names. While presented as a consumer protection initiative, the proponents of this bill have not offered evidence as to why this practice – which is quite common – is harmful or confusing to consumers. Instead of seeking out solutions for problems that do not exist, we should focus on the very real problem of attracting and maintaining business in Illinois.