Operating Agreement (Single Member, Member-Managed) (IL LLC)
Summary
This template operating agreement is for use by an Illinois limited liability company (LLC) that is member-managed with a single member and formed pursuant to the Illinois Limited Liability Act (the "Act"). This template contains practical guidance and drafting notes. Other than provisions that cannot be waived or modified (805 Ill. Comp. Stat. Ann. 180/15-5), under the Act, a member or members of an Illinois LLC are permitted to enter into an operating agreement regulating the affairs of the LLC and, as applicable, governing the relationship among the members, managers and the LLC itself, even if any of such terms conflict with or are different than the provisions of the Act. Illinois is a default state, meaning that the provisions of the Act apply when (1) there is no operating agreement, (2) the operating agreement is silent on a point, or (3) the operating agreement purports to modify or waive particular provisions that, by the strict terms of the Act, cannot be modified or waived. ...