What is the Illinois LLC Act?
The Illinois Limited Liability Company Act governs the formation, operation, and dissolution of LLCs in Illinois, providing personal liability protection and a framework for management and ownership.
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What is the Illinois LLC Act?
The Illinois Limited Liability Company Act is a state law that governs the formation, operation, and dissolution of limited liability companies (LLCs) in the state of Illinois.
The Act provides a framework for LLCs to operate in a manner that is separate from their owners, known as members. This separation provides personal liability protection for members, which is a key benefit of forming an LLC.
Where is the Illinois LLC Act found?
The Illinois LLC Act is found in Chapter 805 of the Illinois Statutes.
It sets forth the rules and regulations for LLCs, including their formation, management, and dissolution. The Act also provides for the filing of certain documents with the Illinois Secretary of State, such as the Articles of Organization and the Statement of Information.
How do I form an LLC in Illinois?
To form an LLC in Illinois, you will need to file the Articles of Organization with the Illinois Secretary of State.
The Articles of Organization must include the name and address of the LLC, the name and address of the registered agent, and the purpose of the LLC.
You will also need to appoint a registered agent, who is responsible for receiving service of process and other official documents on behalf of the LLC.
What are the requirements for maintaining an LLC in Illinois?
The Illinois LLC Act also requires LLCs to maintain a registered office in the state.
The registered office must be a physical location in Illinois where official documents can be served.
The LLC must also maintain a Statement of Information with the Illinois Secretary of State, which includes the name and address of the LLC, the name and address of the registered agent, and the purpose of the LLC.
How are LLCs managed in Illinois?
LLCs in Illinois are managed in one of two ways: member-managed or manager-managed.
In a member-managed LLC, all members have the authority to manage the business.
In a manager-managed LLC, the management of the business is vested in one or more managers, who are appointed by the members.
Can ownership interests be transferred in an LLC?
The Illinois LLC Act also provides for the transfer of ownership interests in an LLC.
Members can transfer their ownership interests to other members or to non-members.
However, the transfer of ownership interests must be in writing and must be approved by the LLC's management.
How is an LLC dissolved in Illinois?
Finally, the Illinois LLC Act provides for the dissolution of an LLC.
An LLC can be dissolved voluntarily by its members or involuntarily by the state.
When an LLC is dissolved, its assets are distributed to its members in accordance with the LLC's operating agreement.
