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Illinois Single-Member LLC Operating Agreement Form

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The Illinois single-member LLC operating agreement is a legal document that is created for a sole proprietor (single owner) to have the ability to establish policies, procedures, and ownership within the agreement between the owner and the document proper.

Because the state doesn’t require that businesses implement the document, does not mean that owners should not do so anyway. Without the document in place, the owner places at risk, all of their private financial and personal assets. This document will assist the owner in avoiding complete personal liability, inasmuch as the document will prove separation between the owner and the business debts. The document will also provide tax benefits that would not be available without the protections that this form will provide.

How to Write

Step 1 – After downloading the document, enter the name of the company at the top of the document

Step 2 – The Agreement –

  • Provide the date in which the agreement is entered, in mm/dd/yy format
  • Submit the name of the company
  • Submit the full name of the owner

Step 3 – Organization – The member must read all titled sections and subsections. Submit all required information:

Formation –

  • Submit the company name in the line provided
  • Enter the date that the document will be filed, in mm/dd/yy format

Purposes and Powers –

  • Enter a description pertaining to the purposes of the company
  • Review subsections ii and b

Titled Sections – Continue by doing a review of the following sections and subsections:

  • Duration
  • Registered Office and Resident Agent
  • Capital Contributions and Distributions
  • Books, Records, and Accounting (subsections a and b)
  • Member’s Capital Accounts
  • U.S. Federal / Florida State Income Tax Treatment
  • Rights, Powers, and Obligations of Member – In subsection A, (Authority) Provide the owner’s name and continue the review of subsections b through g
  • Limitation of Liability; Indemnification – Read all of the subsections a) i through v
  • Death, Disability, Dissolution – with subsections a through c-i and ii
  • Miscellaneous Provisions – Read all subsections A through F