Illinois Operating Agreement for Member Managed Limited Liability Company - Long Form
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How to fill out Operating Agreement For Member Managed Limited Liability Company - Long Form?
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FAQ
A Series LLC gives you all the same benefits as a regular LLC, but it serves as a sort of "umbrella company" with additional flexibility and protections for multiple companies or lines of business within your overall operation. But who uses a Series LLC? One example is rental property owners.
With a Series LLC, a holding company can hold all individual businesses under a single umbrella while mitigating the risk of one business' assets being used to satisfy the debts or liabilities incurred by another of its businesses.
Unlike a traditional LLC, the Series LLC allows for the sorting of individual properties into separate compartments that are isolated and insulated from each other. This type of LLC is especially useful for dealing with real estate investors and other clients dealing with multiple assets.
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.
If you already have an existing business, it is possible to convert your LLC to a Series LLC. However, the process is different depending on which state your LLC is registered in. Different states may have slightly different terminology, requirements or fees.
Series LLC Requirements In Illinois, a Series LLC must: Establish one or more series in its operating agreement. Maintain separate LLC agreements and business records for each series. Hold assets of each series in accounts that are separate from each other and from those of the umbrella LLC.
The Limited Liability Company Act allows an LLC to be created for any lawful purpose, other than insurance. 805 ILCS 180/1-25. An LLC may be designated as a ?low-profit? limited liability company if it serves a charitable or educational purpose.
SERIES LLCs Illinois is one of the few states that permits the organization of a series LLC, which allows for creating a separate series of LLCs with their own interests, liabilities, and members. One example of a series LLC is a company with multiple rental prop- erties.
