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Illinois LLC Operating Agreements (2)

An Illinois LLC operating agreement is a binding document that establishes a company's ownership, operations, and officers. It provides bylaws that oversee the company's day-to-day operations. The agreement becomes effective after being signed by all members and can only be changed by written amendment.
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By Type (2)


Single-Member LLC Operating Agreement – For use by a single owner to establish daily business practices, procedures, and other important business aspects.

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Multi-Member LLC Operating Agreement – For use by companies with more than one (1) member to assist in organizing a member-managed business by setting forth various regulations and policies.

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State Definition

“Operating agreement” means the agreement under Section 15-5 concerning the relations among the members, managers, and limited liability company. The term “operating agreement” includes amendments to the agreement.[1]

Sample

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