The Illinois LLC operating agreement describes the status and powers of company members and how the company conducts business. This contract acts as a blueprint for company procedures and constitution governing member interactions.
The Illinois LLC operating agreement describes the status and powers of company members and how the company conducts business. This contract acts as a blueprint for company procedures and constitution governing member interactions.
No. Illinois makes no legal requirement on LLCs to adopt an operating agreement; however, this contract can be instrumental in certain functions, such as opening an account with a financial institution. (805 ILCS 180/15-5)
“Operating agreement” means the recorded (verbal, written) and acknowledged contract between LLC members and their company;
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