Section 404(d) of the Uniform Limited Liability Company Act provides:
Action requiring the consent of members or managers under this Act may be taken without a meeting.
Illinois Unanimous Consent to Action By the Members of a Limited Liability Company, in Lieu of a Meeting, Ratifying Past Actions of Managing Member and/or Members
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Illinois nonprofits must have at least three board members. That does not mean you need to have only three. In fact, as your organization grows, you may need more board members to take on different projects and fundraising activities.
Sec. 12.10. Voluntary dissolution by written consent of all shareholders. Dissolution of a corporation may be authorized by the unanimous consent in writing of the holders of all outstanding shares entitled to vote on dissolution.
The Illinois Limited Liability Company Act permits Illinois LLCs registered with the Secretary of State to be formed for any lawful purpose.
9.20. Reduction of paid-in capital. bankruptcy that specifically directs the reduction to be effected. (b) Notwithstanding anything to the contrary contained in this Act, at no time shall the paid-in capital be reduced to an amount less than the aggregate par value of all issued shares having a par value.
There is no Illinois state law requiring an LLC to adopt an operating agreement. However, an operating agreement will help your LLC resolve disputes, open a bank account, and protect your limited liability status.
15-1. Management of limited liability company. (2) includes words of similar import. this Section, any matter relating to the business of the company may be decided by a majority of the members.
9.05. Power of corporation to acquire its own shares. (a) A corporation may acquire its own shares, subject to limitations set forth in Section 9.10 of this Act.
DIRECTORS: Pursuant to section 108.10 of the General Not For Profit Corporation Act, the board of directors of a not for profit corporation shall consist of three or more directors. You can list between three and seven directors on the on-line articles of incorporation.