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  • Single Member Llc Operating Agreement Illinois - Leaplaw

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Single Member LLC Operating Agreement (Illinois) Document 1080B www.leaplaw.com Access to this document and the LeapLaw web site is provided with the understanding that neither LeapLaw Inc. nor any.

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Illinois does not require an operating agreement in order to form an LLC, but executing one is highly advisable.

Under the Illinois Limited Liability Company Act (LLCA) (805 ILCS 180/1-1 et seq.), an LLC is not required to have an operating agreement (805 ILCS 180/15-5(a)). However, a written operating agreement may help minimize disputes among the members regarding the terms of their agreement.

Why do you need an operating agreement? To protect the business' limited liability status: Operating agreements give members protection from personal liability to the LLC. Without this specific formality, your LLC can closely resemble a sole proprietorship or partnership, jeopardizing your personal liability.

An Illinois single-member LLC operating agreement is a legal document that is created for a sole proprietor (single owner) to establish policies, procedures, and ownership within the agreement between the owner and the document proper.

It can secure your liability protection. This is crucial to understand, as it's the primary main reason that your single-member LLC needs an operating agreement. Even if an operating agreement isn't required in your state, running your company without an operating agreement could jeopardize your LLC status.

Because an Illinois operating agreement is an internal document, it does not need to be filed with the state. However, Illinois statute 805 ILCS 180/1-40 requires your LLC to keep any current operating agreement you have on file at your place of business or in another location specified in your operating agreement.

To form an LLC in Illinois, you must file Form LLC-5.5, or the Articles of Organization, with the Secretary of State's Department of Business Services. You could choose to make the formation effective on the filing date or at a later time, as long as it does not exceed 60 days. The filing fee is $150.

An Illinois LLC operating agreement is a legal document that outlines specifics for the business. This helps ensure that all company members follow the same rules and guidelines, resulting in a well-run, well-organized business.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232