Disclaimer
The information provided pertains to governance and operational frameworks for multi-member limited liability companies established in the United States. It is intended solely for general informational purposes and does not serve as legal advice. Users should consult a qualified attorney experienced in corporate law within the relevant jurisdiction to ensure compliance with applicable laws and regulations. Responsibility for applying this information correctly rests with the user, and we disclaim any liability for errors, omissions, or outcomes resulting from reliance on this content without professional legal review.
Please note: The following is a sample template for an Illinois Series LLC Operating Agreement, provided for illustrative purposes only. Actual terms should be tailored to specific circumstances and legal advice should be sought.
Illinois Series LLC Operating Agreement Sample
Parties Involved:
Members: [Member Names or Entities]
Address: [Member Addresses]
Series Details:
This agreement recognizes the formation of Series LLCs under Illinois law, with each series being a separate designated series within the LLC, including the series identified as [Series Name/Number].
Operating Terms:
The Series LLC shall operate in accordance with Illinois law, and each series shall maintain separate assets, liabilities, and operations as specified herein or in amendments.
Member Rights and Responsibilities:
Members agree to abide by the provisions set forth in this agreement, including contributions, distributions, and management responsibilities specific to each series.
Governance and Management:
Management of each series shall be conducted by the members or designated managers, with specific authority and responsibilities outlined in this agreement.
Amendments:
Any amendments to this operating agreement shall be made in writing and signed by all members, specifying adjustments related to the formation, operation, or dissolution of series.
Governing Law:
This agreement shall be governed by the laws of the State of Illinois, with disputes resolved within Illinois courts.
Additional Provisions:
- The series shall keep separate records, accounts, and assets as required by Illinois law.
- This agreement may be amended only through written consent of all parties.
- Distributions among series or members shall be made as specified herein or in subsequent agreements.
[City], ______________________
[Member Name]
[Member Name]