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In simple terms, an LLC interest may be divided into two parts: (1) the economic interests the right to share in profits and losses of the enterprise and the right to receive distributions; and (2) the noneconomic rights, such as the right to vote, participate in management, and receive information regarding the
Who has to file a statement of economic interest in Illinois?
Beginning January 1, 1994, persons required to file a Statement of Economic Interests include all elected and appointed officials and local government employees who have authority to authorize the expenditure of public funds, execute contracts, and issue licenses and permits.
What are examples of economic interests?
Examples of economic interest groups include organizations representing business interests, such as the Pharmaceutical Research and Manufacturers of America, the National Association of Manufacturers, the U.S. Chamber of Commerce, and labor unions such as the American Federation of Labor and Congress of Industrial
What is an economic interest statement?
A Statement of Economic Interest (FORM 700) is a state form on which state and local government officials publicly disclose their personal assets and income that may be materially affected by their official acts.
How do I file an economic interest statement in Illinois?
Article III states that these judges hold their office during good behavior, which means they have a lifetime appointment, except under very limited circumstances. Article III judges can be removed from office only through impeachment by the House of Representatives and conviction by the Senate.
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The Form 700 provides transparency and ensures accountability in two ways: It provides necessary information to the public about an officials personal financial interests to ensure that officials are making decisions in the best interest of the public and not enhancing their personal finances.
What is a statement of economic interests form 700?
The Statement of Economic Interests must be filed with the county clerk by May 1st of each year. Each local county clerk will provide the Statement of Economic Interests form for each unit of local government within the county and may require electronic or written filing.
The code requires individuals holding those positions to periodically file Form 700 disclosing certain personal economic interests as determined by the codes
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