A new Illinois state law aims to keep business names that have been in the state for decades, but the new regulations are still being worked out.
The Illinois Business Name Change Act (BNCLA) allows companies that already use the old name to change it to one that is more familiar to people.
The state requires businesses to notify consumers about the change within seven days.
This is a major victory for business owners who have fought to keep their names.
In many cases, the business name is used for a variety of reasons, including the company name, logo, name of a family member, or the company’s main logo.
Some states have similar rules, but Illinois has its own set of requirements.
The new law, which passed the Illinois Senate on Tuesday, will require companies that use the company names for business continuity purposes to give notice of the change to their customers within five business days.
Under the new law businesses with five or fewer employees will have to provide at least one year’s notice.
Companies that use a corporate name for more than a year will have until 2021 to comply with the new rules.
The legislation would allow a company with a maximum of 15 employees to use the name for one year after the name change, but not for five years.
For every additional employee, the name would have to be changed to one more familiar with the public.
It will also require that the name of the company include the company logo, company name or any other identifying mark or phrase.
It’s unclear how much money the state will collect from businesses that change their names, but it is expected to be between $2,000 and $4,000.