The Illinois LLC operating agreement contains the names, information, and status of company members, managers, and officers (or at least one owner of a sole-member LLC) and how the company conducts business. Generally, this contract acts as a blueprint for running the company and a constitution that governs the interaction and voting powers of members.
The Illinois LLC operating agreement contains the names, information, and status of company members, managers, and officers (or at least one owner of a sole-member LLC) and how the company conducts business. Generally, this contract acts as a blueprint for running the company and a constitution that governs the interaction and voting powers of members.
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;