Illinois Multi-Member LLC Operating Agreement Form

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Updated April 15, 2022

An Illinois multi-member LLC operating agreement is a legal document used by entities with more than one member to establish internal procedures and operational terms for the company. The state of Illinois does not require that this document be completed in order to conduct business within the state. However, if the members of the business do not choose to implement the document, each member may find that they will be personally liable in the event of litigation or business failure. This would place all members’ personal assets at risk.

Having this document completed and in place will create a separation of the members’ assets from the debts of the company. It also allows for tax benefits that would not be available without the declaration of the document.