Illinois Memorandum of Operating Agreement and Financing Statement
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How to fill out Memorandum Of Operating Agreement And Financing Statement?
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FAQ
While most states don't require LLCs to have operating agreements, it's always a good idea to create one to ensure your business is well administered and protected from risk.
The standard filing fee for an Illinois LLC Annual Report is $75.00. For a Series LLC with active series, that $75.00 fee is increased by $50.00 for each established series. This reduced fee of $50.00 provides another benefit to organizing as a Series LLC.
If you have a street address located in Illinois (such as a home or office), and are available during regular business hours, you can list yourself as the Registered Agent. If you don't have a street address in Illinois, you can use a friend or family member's address and they can be your Illinois Registered Agent.
Single Member LLC Operating Agreements are used to define the structure of your business, show the financial separation between you and your business, illustrate to investors how your business operates, and protect your business from default state laws.
Get Federal EINs from the IRS Yes, getting a federal employer identification number (FEIN or EIN) is pretty much a must for any Illinois series LLC.
An operating agreement is a key business document that shows your business operates like a legit company. Without the operating agreement, your state might not acknowledge you as an LLC, which means someone could sue you without there being any shield to protect your personal 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.
ARTICLE 5: LIMITED LIABILITY COMPANY PURPOSE The Articles of Organization may list one or more specific purposes and/or a general statement of purpose. The Illinois Limited Liability Company Act permits Illinois LLCs registered with the Secretary of State to be formed for any lawful purpose.