Illinois



Illinois Multiple Membered LLC Operating Agreement

Illinois Multiple Membered LLC Operating Agreement

The multiple member operating agreement is for Illinois LLC’s that have more than one (1) owner. Typically, if two (2) people form an entity with one another, they will want some sort of agreement that states the terms of ownership and the distribution of profits/revenue. This is where the operating agreement comes in to provide […]

Illinois Single Member LLC Operating Agreement

Illinois Single Member LLC Operating Agreement

A single member LLC is a company that only has one owner, or ‘Member’. The main reason to write this agreement is to solidify the LLC’s entity status and to show as many documents as possible in the chance the entity status is questioned. This agreement helps to make sure that any and all personal […]

The Illinois operating agreements provide a bylaw type of document to the entity. Under Illinois Law; All rules, ownership interest, officer roles, principal place of business, registered agent, and any other information in relation to the LLC and it’s members must be written in the operating agreement.

The form is not filed with any government entity and it’s main purpose is to protect the members from each other and to shield the entity status from any liabilities affecting the personal assets of the members.

Laws

Section 15-5 | Operating Agreement

How to Form an LLC in Illinois

This is a guide on how to create a limited liability company according to Article 5 of the compiled State Statutes.

Step 1 – Pick a Name. Once the applicant has decided on a name they must use it to lookup in the Secretary of State’s database to make sure it does not already exist. If so, the applicant will have to choose another name.

Step 2 – *File Online or in Paper below. If paper version is chosen make all checks payable to the ‘Illinois Secretary of State’.

Articles of Organization – $500 – For all domestic LLC’s.

Series Articles of Organization – $750 – For all domestic series LLC’s.

Application for Admission to Transact Business – $500 – For all LLC’s located outside the State.

Application for Admission to Transact Business – $750 – For all series LLC’s located outside the State.

*The Online formation process is complete. Note: The Secretary of State costs the applicant $100 more than the paper route.

Step 3 – Send the paper application in the mail to the following address:

Secretary of State
Department of Business Services,
Limited Liability Division,
501 S. Second St., Rm. 351,
Springfield, IL 62756

Optional – If the company will be facilitating in financial activity, it will need an Employer Identification Number (EIN) which can be obtained for free at the IRS Website.