Chicago Illinois Sample Operating Agreement for Professional Limited Liability Company PLLC
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How to fill out Illinois Sample Operating Agreement For Professional Limited Liability Company PLLC?
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FAQ
Forming a PLLC in Illinois (in 6 Steps) Step One) Choose a PLLC Name.Step Two) Designate a Registered Agent.Step Three) File Formation Documents with the State.Step Four) Create an Operating Agreement.Step Five) Handle Taxation Requirements.Step Six) Obtain Business Licenses and Permits.
As a licensed professional in Illinois you can structure your business as an Illinois professional limited liability company (PLLC). This will give you protection from several important types of liability. It also may provide certain tax advantages compared to other ways of structuring your business.
Illinois PLLC Statute Change Previously, businesses providing professional services could form their business as either an LLC or a PLLC (there are other entity possibilities, but we'll stick to LLCs and PLLCs for now). The 2018 change requires such businesses to form a PLLC instead.
Illinois does not require an Operating Agreement to be submitted to the Secretary of State when filing your Articles of Organization paperwork, but the law does allow for an Operating Agreement to be adopted by the members of the LLC.
If your healthcare practice currently provides professional services licensed by the IDFPR but operates as an LLC, the 2018 statute applies to you. We recommend that you amend your LLC filing to comply.
Professional Limited Liability Companies With an LLC, anyone can be a member, or owner, of the business. State PLLC laws often provide that only licensed professionals can be members, or that a certain number of members must be licensed professionals.
Forming a PLLC in Illinois (in 6 Steps) Step One) Choose a PLLC Name.Step Two) Designate a Registered Agent.Step Three) File Formation Documents with the State.Step Four) Create an Operating Agreement.Step Five) Handle Taxation Requirements.Step Six) Obtain Business Licenses and Permits.
With an LLC, anyone can be a member, or owner, of the business. State PLLC laws often provide that only licensed professionals can be members, or that a certain number of members must be licensed professionals. A PLLC cannot be used to shield the members from claims for malpractice.
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.
Most states do not require LLCs to have this document, so many LLCs choose not to draft one. While it may not be a requirement to have an operating agreement, it's actually in the best interest of an LLC to draft one. And by drafting it, I'm referring to creating a written operating agreement.
