This form addresses important considerations that may effect the legal rights and obligations of the parties with the formation of a limited liability company. This questionnaire enables those seeking legal help to effectively identify and prepare their issues and problems. Thorough advance preparation enhances the attorney's case evaluation and can significantly reduce costs associated with case preparation.
This questionnaire may also be used by an attorney as an important information gathering and issue identification tool when forming an attorney-client relationship with a new client. This form helps ensure thorough case preparation and effective evaluation of a new client's needs. It may be used by an attorney or new client to save on attorney fees related to initial interviews.
Illinois Limited Liability Company - LLC - Formation Questionnaire
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Multi-State
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US-Q1027
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How to fill out Limited Liability Company - LLC - Formation Questionnaire?
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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.
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.
Starting an LLC in Illinois will include the following steps: #1: Choose a Name for Your Illinois LLC. #2: Choose Your Registered Agent. #3: File Your Articles of Organization. #4: Draft an LLC Operating Agreement. #5: Obtain Your Employer Identification Number (EIN)
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The state of Illinois doesn't require LLCs to have an LLC operating agreement, but it's highly recommended. The operating agreement is a legally binding document that breaks down the management structure of the LLC and each owner's duties and profit share.
Common pitfalls of a poorly drafted Operating Agreement include failing to: (i) specify what authority managers or members have; (ii) carve out key decisions that require a higher approval threshold (e.g., dissolution, sale of all or substantially all of the assets of the LLC, etc.); (iii) address how deadlocks in the ...
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.
Use form LLC 5.5 to establish an Illinois limited liability company. To form a Limited Worker Cooperative Association, use form LWCA 25.