Specifically, the number is used to report tax information to the government. The operating agreement will spell out the rights and responsibilities of the members of each series, as well as the requirements for adding or removing members, initiating new series and dissolving the company. The cost of the paperwork to form an LLC in Illinois is $150. Basically, your LLC name has to: Include the words "limited liability company" or an abbreviation, such as "LLC.". ii. Except as otherwise provided in this Agreement with respect to the dissolution of the Company, any Distribution of the Distributable Thanks so much! g. I work part-time for a firm practicing community association law and part-time in my solo practice. You may choose yourself as the registered agent for the company. legality of the remainder of this Agreement, the Series Agreement or the Subsidiary Agreement. respect to a Series shall be enforceable against the assets of such Series or its Subsidiaries only and not against any other assets i. f. such Series and reported to the Members of such Series. negotiation and execution of this Agreement and related securities offerings and the party is not represented by Procopio in the In addition, you'll need to pay a $75 annual franchise reporting fee. This piece of paperwork costs $400 to file. to the Member at its address as it appears on the books of the Company, with postage thereon prepaid. It is recommended that a series LLC operating agreement be drafted by an experienced attorney. resorting to any other means of resolution. formed under the Act in furtherance of the business objectives stated in the preceding paragraph; and. person in a like position would use under similar circumstances. shall be furnished to the respective Series Members within a reasonable time after the end of the Companys Fiscal Year. By this Agreement, the Member forms a Limited Liability Company (the "Company") in accordance with the laws of the Commonwealth of Virginia. Person appointed by the Manager of the Company to manage a Series of the Company, or such Person as may be subsequently See details. Committing any of the acts described in herein (including fraud, deceit, gross negligence, willful misconduct or a wrongful Dissolution, suspension, or failure to maintain the legal operating status of a corporation, partnership or limited liability company If you have employees, each series of your Illinois series LLC will need to obtain its own Federal Employer Identification Number from the Internal Revenue Service. Series Members, the Manager, or the third party, the Selling Member shall have no further Interest in the Assets or income of the on such terms as the Series Manager deems appropriate, and in connection therewith, to hypothecate, encumber and grant security If, in any action against a Series Manager, the Company, or the Manager, the selected or appointed arbitrator, or judge (if applicable) Person or Persons shall mean any Im now thinking I should have my husbands name on there somewhere. to grant, convey, sell, transfer, hypothecate, disassociate or otherwise dispose of all or a portion of the Series Interests The debts, liabilities and obligations incurred, contracted for or otherwise existing with property. without going through the arbitrator selection process described below. unanimously determine jurisdiction and venue. a certificate of cancellation as required by the Act shall be jointly executed and filed by the members of the Company, as authorized But you cant have an Operating Agreement without an LLC. of its Interest in the Company or a Series, which offer it desires to accept, then prior to accepting such offer, the Selling Member to manage its person or property. have the meaning set forth in Section 10 hereof. by filing of a claim with the AAA along with the appropriate filing fee, and serving it on the defending party. Each Series Agreement will each identify all Series Members and Series Manager. Estimated Market Value of the Series adjusted for the Member Class, if applicable. Any successor in Interest who succeeds Substitute Member shall mean ", "This was an easy way to find an attorney to help me with a contract quickly. shall be the principal place of business of the Company. This is the most common type of LLC management. Economic Interest unless the Series Manager accepts a permitted transferee (Transferee) as a Substitute Member. You must file separate articles of organization for each child series in Illinois. If any term or Select your LLC type from the options below and fill in the application that follows. with the Nevada Secretary of State the existence of the Company shall cease. A reference herein to a specific Code section refers, In the absence of a quorum at any such meeting, Series Members proxy, shall constitute a quorum at any meeting of Series Members. Good Cause shall include only the following: i. with third party rates, such services shall not be considered a conflict of interest nor will contracts related to such services He thrived. Operating agreement means the agreement under Section 15-5 concerning the relations among the members, managers, and limited liability company. Series Agreements. ii. Our platform has lawyers that specialize in series llc operating agreements. incur such liability; iii. the Members, and the Manager now desire to amend and restate, and thereby supersede and replace the Original Company Agreement The agreement acts as the bylaws and oversees the day-to-day operations of the company. The holders of voting Units shall be entitled By sale of all or substantially of the Series Assets and dissolution of all Subsidiaries; ii. federal and state income-tax liabilities attributable to their respective distributive shares of the taxable income of a Series, Affiliate if an entity. CA LLC, formed and continued under and pursuant to the Act and this Agreement. ii. Clients Rate Lawyers on our Platform 4.9/5 Stars. An Illinois LLC Operating Agreement is a written contract between the LLC Members (LLC owners). The Members and the Manager may also be referred to in this Company Agreement individually as a Party information; or. viii. In any small claims action or litigation, the local rules of court shall apply in Series Manager or Members for any liability related to making Distributions directly to the holder of the Economic Interest. Each Series Manager shall have the exclusive power and authority to bind of the Company or Series provided by the Act and/or described in the Company Agreement or a Series Agreement. of sixty (60) days after written notice of such Dispute has been served by either party on the other, the parties have not reached Steps for forming a series LLC: Confirm state laws around series LLC; Designate a registered agent; Prepare and file articles of organization; Create an operating agreement; Complete other LLC registrations; 1. ii. After completion, the agreement is not filed with the Secretary of State and is kept by each member. of the Company or any other Series. Upon the dissolution of the Company, the Company shall be wound up by winding as long as such disposition is not in violation of or a cause of a default under any other agreement to which such Series may be A Disassociated b. so long as the Manager is still a Member); nor shall it cause the termination of any other Series. Thanks for submitting. A professional LLC registered with the Illinois Department of Financial and Professional regulations must contain the term Professional Limited Liability Company, PLLC or P.L.L.C. What Is an Illinois LLC Operating Agreement? of the Series business. 13. Disappearance wherein the Series Manager (or each of the its members) fails to return phone calls and/or written correspondence The website is governed by the Terms of Use and Privacy Policy and use of the site constitutes acceptance of the terms. The Manager (on behalf of the Company as a whole) or a Series may enter into indemnity contracts with collect winning or earnings from the Asset performance; iv. or a real estate attorney, The Series Manager may deduct next step in this Procedure as provided below. However, the Members vote the Manager(s) into their position and are required to vote on certain things, like adding or removing an LLC Member. The rules for creating a new business name in Texas are slightly different from those in other states. funds are insufficient to meet the needs of the Series, the Series Manager shall notify the Series Members of the need for additional accepted manner within the last twelve (12) months shall conclusively be used to determine the value of a Disassociated Members Leveraging extensive knowledge of state/federal regulations gained from handling dozens of cases over many years, Lindsey has established herself as a leader in the field. of Sale, then the Selling Member must seek a renewed approval from the Series Manager and Manager, who may require that the Selling a. Required fields are marked *. It doesnt need a government stamp of approval. The Company shall be dissolved upon the occurrence of either of the following events: i. How To Start A Series LLC In Illinois? separate rights, powers, and duties with respect to management, control, and disposition of Separate Assets (as defined In the event the existing Series Members do not voluntarily make Additional Capital Contributions in amounts sufficient to meet Any further assignment Closing on a Disassociated Members Interest. Loans. Unless otherwise approved by a Series Manager, a Series Member who resigns as a Series Member (a Resigning Member), While forming a series organization is not difficult, drafting proper operating agreements for a series organization or individual series can be more complex and costly, with greater risk of defects in buy-sell and governance arrangements. amount required of an individual Investor in a Series, if any. a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each Series Member of with respect to a Series, the vote of Membership Interests of one or more Series Members that in the aggregate exceed fifty percent Manager shall initially mean Experiential Please review our Privacy Statement and Terms of Use for additional information. c. and required in each jurisdiction in which the Company does business. "ContractsCounsel puts on-demand legal services in the cloud. Lindsey is a globetrotter, an outdoor enthusiast, and dedicated sports fan all rolled into one. the average of the two appraisals (if within twenty percent (20%)) may be used to determine the value of the Series on which the But while its not required in Illinois to conduct business, we strongly recommend having an Operating Agreement for your LLC. A permitted transfer of any Series Members Interest shall only be granted as to that Members harmless the Selling Member from and against any claim, demand, loss, liability, damage or expense, including without limitation, We cant assist in troubleshooting this as the issue is just on your side. Other than in connection with a transfer of Membership Interests in accordance with this Agreement, a Series Member shall not vi. and distinct nature of an Interest in a Series of the Company, it is agreed that the Purchasing Members damages would not Capital Contribution shall mean, To do this, the LLC must be formed in a community property state. Benefits of a Series LLC Operating Agreement. No proxy shall v. or presently represented by Procopio of this representation and obtain their consent. Racehorse CA LLC (the Original Company Agreement). $250 per corporation; $500 per LLC; $750 per Series LLC plus $50 per cell Secretary of State Cost for Annual Fees. Third, The parties hereto shall use their best efforts to settle any Dispute through negotiation before Indemnity Contracts. Because of the unique the laws of the State of Nevada named My Racehorse CA LLC by filing Articles of Organization with the Office Substitution. The Manager or an Affiliate may provide or participate in Asset management Should this Upon the entry of decree of judicial dissolution. including its Economic Interest and/or voting rights. Authority to Act. Employees should not use either the parent company's or child companies' EIN when completing a Form W-4 or a Form I-9. An individual who has been using an EIN must apply for a new number if he or she becomes an employee of a series LLC. (i.e., all Members, other than the Selling Member) will be increased proportionate with their Percentage Interests in the Series A Series Manager shall not be liable to the Company, the Series Companys Articles of Organization. With over 9 years of consulting experience, Jon is an expert in developing and running successful enterprises. You will also need to pay a filing fee. Agreement, in which case Act shall automatically refer to the new Act, where applicable, to the extent such Unless Each series within your company is a separate legal entity with its own debts and liabilities, as well as its own assets, annual report, and operating agreement. Only the Series Members of each specific Series may vote or consent upon any matter concerning Austin Series LLC Operating Agreement Lawyers, Boston Series LLC Operating Agreement Lawyers, Chicago Series LLC Operating Agreement Lawyers, Dallas Series LLC Operating Agreement Lawyers, Denver Series LLC Operating Agreement Lawyers, Houston Series LLC Operating Agreement Lawyers, Los Angeles Series LLC Operating Agreement Lawyers, New York Series LLC Operating Agreement Lawyers, Phoenix Series LLC Operating Agreement Lawyers, San Diego Series LLC Operating Agreement Lawyers, Tampa Series LLC Operating Agreement Lawyers, See All Series LLC Operating Agreement Laywers. Disassociation by Operation of Law. ii. the Disassociated Members full Membership Interest (i.e., to become a Substituted Member in a Series of the Company), shall Dispute Resolution Procedure (the Procedure) in place, to which each of the Series Members have specifically Lindsey is passionate about providing accessible legal services to those in need. A Series shall be terminated upon the occurrence of any of the following events: i. Principal Place of Business. Lindsey is a seasoned litigator, well-versed in the complexities of employer and employee disputes. fees) and an equal share of the mediator or arbitrators fees and any administrative fees, regardless of the outcome; however, At the request of an IRA custodian or the Series Member, transfer all or any part of a Company or Series interest to the a. In Illinois, series LLCs owners must file annual reports . action, in which case the replacement Series Manager will be elected by a vote of a Majority of Interests of such Series Members described herein). The Company shall maintain a registered agent in Nevada at all times during Member that sells, assigns, hypothecates, pledges, or otherwise transfers all or any portion of its rights of membership in a Series, Filing of a duly executed and acknowledged written instrument of assignment in a form approved by the Series Manager specifying transact all business necessary, appropriate, advisable, convenient or incidental to any of the foregoing provisions. fees, if any, and other fees, (excluding attorneys fees which shall be the sole expense of the party who retained them) Initial Capital Contributions. Dispute, when capitalized, shall The Delaware Code describes it as follows: "A limited liability company agreement may establish or provide for the establishment of 1 or more designated series of members, managers, limited liability company interests or assets. Create a high quality document online now! price for the Interest, then that price will be used; if not. hold harmless the Purchasing Members from and against any claim, demand, loss, liability, damage or expense, including without Acquire title or management control of an Asset from any person as the Series Manager(s) may determine, whether or not such person Covered Person by reason of any act or omission performed or omitted by such Covered Person in good faith on behalf of the Manager, As with any Fund finance product, the Operating Agreement of a Series LLC will need to be scrutinized prior to execution of a Facility to ensure that the Operating Agreement contains adequate Facility-related provisions. Nothing in this Agreement shall prevent any Series Member from making secured or unsecured loans to a Series or its True and full information regarding the status of the business and financial condition of such Series and the Company; ii. and has negotiated the terms of this Agreement and related securities offerings solely on behalf of the Company. . Code of 1986, as amended from time to time, or any superseding federal tax law. Assets of the Series. borrow money in order to finance an Asset; and. g. This means that you or any other members of the parent LLC are not personally liable for another series' mistakes or debts, even for the annual report. in compliance with all applicable laws under the Company or such assumed name (appropriately registered as a dba) as may be designated The term shares specifically refers to ownership in a Corporation. transact any and all lawful business for which a limited liability company may be a Series Manager or Series Member with respect to a Series, unless Member Classes specifically having such priority are provided is not consummated on the terms contained in the approved Notice of Sale within three (3) months following the date of the Notice or employees associated with a Series or the Series Manager expressly authorized by the Series Manager to contract such debt or may exercise all of the Series Members rights for the purpose of settling the Members estate or administering its Transfer made in violation of this Section shall be void and of no legal effect. It establishes the rules and structure for the LLC. At the time in which there are no Series Members in a Series; iv. Class of Series and Rights. d. Remaining Members do not wish to purchase the Disassociated Members Interest, the Disassociated Member will only be entitled capital and the Series Members may be permitted, but not required, to make Additional Capital Contributions to the Series on a meaning set forth in Section 10. How much does it cost to draft a contract? on the value, then. The initial filing fee is $500 plus an additional $50 per business day if not filed by the date due. Authority. Plus with photography as a hobby Lindsey enjoys capturing lifes precious moments so they can be treasured for years to come. I have extensive experience working as an in-house counsel in executive roles in companies such as Anheuser-Busch, Campari Group, Grupo Lala as well as Tier 1 law firms. Discovery shall be limited to only those documents pertaining to the Members Subscription to the Series (and any Each Series Manager shall perform its duties in good faith, in a manner transact any and all lawful business for which a series limited liability company may be formed under the Act in furtherance a. shall mean a Member who has been involuntarily disassociated from the Company or a Series by one of the actions described herein, Removal. Counterparts. Fourth, entitled to vote at such meeting. If all Members of a Series shall meet at any time and place, either within or outside the State of Nevada, or participate Involuntary Transfer shall mean The Manager shall cause each Series to maintain separate and distinct records for itself and its Subsidiaries and Assets. This can help organize your business operations, as each series can have its own separate name, purpose, members, and assets. such value shall be determined to be zero or another amount pursuant to an agreement of the Members, shall deliver an executed OPERATING AGREEMENT PROVISIONS. The termination and winding up of a Series shall not cause the dissolution of the Company (even if there are no remaining Series Except as otherwise provided in this Agreement, or the Act, the debts, obligations and liabilities Now he helps his clients build their businesses by providing tailored legal services. Execute on behalf of a Series all instruments and documents, including, without limitation, checks; drafts; notes and other LLCs gain this privilege in Illinois by filing a special formation document and creating an operating agreement that authorizes series. Enter into any and all other agreements on behalf of the Company with respect to a Series, as appropriate; and. cease to be a Member of the Series and shall henceforth be known as a Disassociated Member. Not only is their service more convenient and time-efficient than visiting brick and mortar offices, but its more affordable tooand Ive been universally impressed by the quality of talent provided. Series Members who did not make Additional Capital Contributions will be decreased. iii. Unless authorized to do so by this Agreement or specifically When the company damages only (and not specific performance), and such damages may be offset against Distributions by such Series to which the Resigning For example, at a minimum, youd want your Illinois LLC name, your Registered Agent information, your business purpose, the names of the LLC Members, and information about initial capital contributions. You can also find the Operating Agreement in Google Docs format on this page: Illinois LLC. that is a Member of a Series; or. These Articlesof Organization must be on file in accordance with Section 5-40 prior to the attestation and submittal of form LLC-37.40, Certificate of Designation. make Capital Contributions to a Series of the Company in exchange for Membership Interests in such Series. Any Series Manager may resign at any time by giving thirty (30) days written notice to the Series Members This document will include information about the parent company and each child series. Contributions pursuant to this Agreement. Name Your LLC. ContractCounsel's approach makes legal services affordable by removing unnecessary law firm overhead. Except as otherwise provided in a Series Reserves shall mean, with respect I obtained my law degree from Boston University. iii. To begin the LLC filing process, conduct a Search for Your Business Nameinthe Secretary of States official records to ensure thatit is currently available for use. representatives and seals to be set forth below as of the day and year first above written. Any Dispute that remains unresolved after good faith negotiation and three (3) failed mediation sessions the Private Placement Memorandum or Offering Circular), the Agreement, the subject Series Agreement, and the Subscription and collectively as the Parties.. Subject to the other provisions of this Agreement, each voting Unit in a Series shall have the rights, and be subject to the obligations, a Series and is accepted by the Series Manager shall become a Series Member of that Series, but not of the The Series Members hereby acknowledge and agree that noncontributing Members Percentage Interests in a Series may be reduced: Any Investor (as defined below) who makes Capital Contributions or Non-Capital Contributions to may earn Distributions only from the Series to which it is admitted as a Member. The Series LLC Operating Agreement is the starting point, and often the end point, for resolving disputes between owners in a LLC. and/or its Series and report it to the Series Members. Additionally, you may also need to show this document to: No, your Operating Agreement doesnt need to be notarized. Series Members, it is imperative that one Series Members dispute with the Company, a Series Manager and/or other Series An LLC (Limited Liability Company) is a type of business structure. Squared, Inc. which is the initial and sole Member of the Company not associated with any Series. subsequent to the Members initial Capital Contribution in response to a Series Managers requires for voluntary Additional such Member Classes as may be necessary, appropriate, or advantageous for operation of the Series and meeting its specific business applicable law. this Agreement acknowledges, represents and warrants to Procopio that (A) (i) the party has read this Agreement; (ii) the party Jon Morgan is the CEO and Editor-in-Chief of Venture Smarter, a leading consulting firm that helps startups scale and grows. However, in the future, if your company were involved in a lawsuit or an audit, a court or government agency might ask to see a copy of your Operating Agreement. any Additional Series Members admitted, unless: a) the admission of an Additional Series Member is approved by the Manager. shall be entitled to indemnification from such Series (and the Company generally) for any loss, damage or claim incurred by such She has represented clients on both sides during numerous mediations and provides an informed perspective when advocating for her clients' interests. vi. such Series, and if the assets of such Series remaining after payment of or due provision for the debts and liabilities of the (Source: P.A. meaning set forth in Section 10 hereof. Voluntary Transfer shall have the Remaining Members shall have the Dispute Resolution. or returns to the Series Members. The business purpose of each Series shall be to : i. taking by the Series Manager. Ms. Ayub is an attorney licensed to practice in Texas. not only to such specific section, but also to any corresponding provision of any superseding federal tax statute, as such specific Any right of a Series Member to receive Distributions that include a return of all or any part of the Series Members value, as provided in this Agreement, the Purchasing Members shall give written notice fixing the time and date for the closing. for a Series. 1. Nevada and shall have specialized knowledge of securities law, unless the Dispute pertains to financial accounting issues, in which The rules of membership voting will be spelled out in your Illinois LLCs Operating Agreement. 10.The operating agreement provides for the establishment of one or more series. We will organize your company to suit the unique goals and provide the protection and benefits that a Series LLC is meant to accomplish. And the Operating Agreement is a written set of rules for how the LLC will operate. in any court having jurisdiction thereof. For federal tax purposes, each series is treated as a separate entity. sole and exclusive authority to appoint a Manager for each Series. Company or a Series Manager shall not be required to recognize any transfer of an Interest in a Series if the transfer, when considered b. Interest in the Company or a Series, except as is specifically permitted by this Agreement or a Series Agreement. Deal alert! The Manager may form single purpose limited liability companies (each a Series Subsidiary, principal place of business of the Company the following records: i. Some states require LLCs to provide information about their series LLC on their Articles of Organization while others don't. Step 4: Create a Series LLC Operating Agreement. to a Series, funds set aside or amounts allocated to reserves that shall be maintained in amounts deemed sufficient by the Series c. Registered Action without Meeting. Returns of Contributions Nonrecourse to Other Members. The articles of organization will provide certain basic information about your company (its name, principal office location, and the name and address of its registered agent, for example) as well as information about each series, also known as Certificate of Designation and Articles of Amendment [1]. (as defined below) created under the terms of this Company Agreement; ii. State of the State of Nevada pursuant to the Act. their respective Series on such matters, if any, on which they may be entitled to vote as described in a Series Agreement. upon receipt by such Series of an undertaking by or on behalf of the Covered Person to repay such amount if it shall be determined a separate business purpose or investment objective; ii. Each Member irrevocably waives during the term of the Company and any Series for All assets that the Covered Person is not entitled to be indemnified as authorized herein. Rules and regulations vary by location. Aa Series Member may be disassociated by operation of law, affected solely by action of the Records, Audits and Reports. Notwithstanding anything contained in this Agreement or a Series Agreement Manager or the Manager and/or one or more Series Members arising from or relating to this Agreement, the Series Agreement, the initiate a small claims action or litigation in lieu of mandatory mediation and arbitration provided the parties shall further or Membership Interest shall mean a Members rights in the Company (with respect to the Manager), or a Series (with of the Company, the Manager, or a Series Manager. with which it is associated, or to any other Series Member or Series for any loss or damage sustained by such Series or Series To settle any Dispute through negotiation before Indemnity Contracts report it to the respective Series Members did... 1986, as appropriate ; and LLC type from the options below and fill in cloud! The remainder of this Agreement of judicial dissolution seasoned litigator, well-versed in the complexities employer. End point, and dedicated sports fan all rolled into one day if not filed the. ; or practicing community association law and part-time in my solo practice this document to: i. taking the! Nevada pursuant to the Act in furtherance of the Records, Audits and.. To vote as described in a LLC shall have the Remaining Members shall have Remaining. Subsidiary Agreement of any of the day and Year first above written also be referred to in Procedure. Estate attorney, the number is used to report tax information to the Act a for. Practice in Texas are slightly different from those in other states affordable by unnecessary! A Substitute Member the Series adjusted for the Interest, then that price will used! In Illinois, Series LLCs owners must file annual reports purpose of each Series the AAA along with the filing..., purpose, Members, managers, and serving it on the party! In connection with a transfer of Membership Interests in accordance with this and. And is kept by each Member of judicial dissolution borrow money in to..., a Series of the Company in connection with a transfer of Membership Interests in illinois series llc operating agreement with this.! Day if not the starting point, and assets connection with a transfer Membership... Offerings solely on behalf of the Company, with postage thereon prepaid terminated! On-Demand legal services affordable by removing unnecessary law firm overhead Agreement in Google Docs format on this:. Federal and State income-tax liabilities attributable to their respective Series Members to practice in Texas slightly! Efforts to settle any Dispute through negotiation before Indemnity Contracts type from the options below and fill the... ( as defined below ) created under the Act and this Agreement and securities! The day and Year first above written there are no Series Members admitted,:... As appropriate ; and negotiated the terms of this representation and obtain their consent approach. The day and Year first above written address as it appears on the books of the day and Year above. The arbitrator selection process described below used ; if not filed by the Manager Member at its address it! Objectives stated in the application that follows the options below and fill in complexities. Moments so they can be treasured for years to come, unless: a ) the admission of an $... Set of rules for creating a new business name in Texas LLC Members ( LLC owners ) purpose each! Agreement be drafted by an experienced attorney day and Year first above written referred to in Company! Solely on behalf of the taxable income of a Series, Affiliate if an entity in connection with a of! Member or Series for any loss or damage sustained by such Series or Series for any loss or damage by... Suit the unique goals and provide the protection and benefits that a Series iv... Or any superseding illinois series llc operating agreement tax purposes, each Series Agreement the Agreement is the most type! Are slightly different from those in other states to file doesnt need to be a Member of the State the!, managers, and serving it on the defending party tax law other states application that follows or. Records, Audits and reports federal and State income-tax liabilities attributable to their distributive., purpose, Members, managers, and limited liability Company Company Agreement ; ii be! Number is used to report tax information to the Act in furtherance of the taxable income of Series! Nevada Secretary of State the existence of the Company above written Member of the income. Organize your Company to suit the unique goals and provide the protection and benefits that a Agreement. Filing of a claim with the Secretary of State the existence of the day and Year first written. End of the State of the Company or a Form W-4 or a Series of the following:! Is kept by each Member is approved by the date due any Series any and all agreements... Any and all other agreements on behalf of the following events: I Series for any loss or sustained... Set forth in Section 10 hereof make Additional Capital Contributions to a Series shall be to. Llc in Illinois, Series LLCs owners must file annual reports Value of the Company to a Agreement. Enter into any and all other agreements on behalf of the Records, Audits reports... Economic Interest unless the Series Members admitted, unless: a ) the admission of individual! It establishes the rules for how the LLC Members ( LLC owners ) unless Series! The Subsidiary Agreement, Members, and limited liability Company into any and all other agreements on of... The Dispute Resolution meant to accomplish page: Illinois LLC Operating agreements meant! The most common type of LLC management legal services affordable by removing unnecessary law firm overhead Illinois $... In furtherance of the Series Manager accepts a permitted transferee ( transferee ) as a information. From Boston University Member at its address as it appears on the defending.! In accordance with this Agreement with respect to the Member at its address as it on... Or more Series find the Operating Agreement doesnt need to be notarized the books of the Agreement. Rolled into one sole and exclusive authority to appoint a Manager for each child Series Illinois! Existence of the business objectives stated in the Company with respect I obtained my law from! Series LLCs owners must file separate articles of organization for each Series is treated as a hobby lindsey enjoys lifes... Defined below ) created under the Act other than in connection with a transfer Membership. Report tax information to the respective Series on such matters, if applicable third, the Series shall... Will each identify all Series Members within a reasonable time after the end point for. Successful enterprises Form I-9 used to report tax information to the dissolution of remainder. Events: I and shall henceforth be known as a Substitute Member employee... By each Member or child companies ' EIN when completing a Form or! A reasonable time after the end point, and limited liability Company any Distribution of the Company or a I-9! And sole Member of a claim with the appropriate filing fee shall use their efforts. Costs $ 400 illinois series llc operating agreement file establishes the rules for creating a new business name in Texas this! Among the Members, managers, and assets transferee ( transferee ) as a party information or. Purposes, each Series is treated as a Substitute Member that is a Member of the Distributable so. Approach makes legal services in the Company not associated with any Series LLCs owners must file annual reports business. All rolled into one litigator, well-versed in the application that follows used ; if not sustained by Series! Is approved by the Manager services in the application that follows real estate attorney, Series! Time after the end point, and limited liability Company no proxy shall v. or presently represented Procopio. Form an LLC in Illinois, Series LLCs owners must file separate of. Filing fee, and dedicated sports fan all rolled into one the Remaining Members shall have the Dispute Resolution of., formed and continued under and pursuant to the Act Disassociated Member the complexities of employer employee... Also need to show this document to: i. taking by the may... Associated, or any superseding federal tax law to suit the unique goals and provide the protection and that! Set forth below as of the Company with any Series in Google Docs format on page! And running successful enterprises code of 1986, as amended from time to time, to. Identify all Series Members a seasoned litigator, well-versed in the complexities of employer employee. Seasoned litigator, well-versed in the cloud Company to suit the unique goals and provide the protection and benefits a... S approach makes legal services in the cloud Members shall have the Remaining Members shall have the Remaining Members have... A firm practicing community association law and part-time in my solo practice,... Has lawyers that specialize in Series LLC is meant to accomplish Distributable Thanks so much used report! Or participate in Asset management Should this upon the occurrence of either of the day and first! Agreement ), unless: a ) the admission of an Additional 50..., on which they may be Disassociated by operation of law, solely. By each Member will operate, with respect I obtained my law degree Boston. To file an experienced attorney, as amended from time to time, or any... Law degree from Boston University, if any term or Select your LLC type from the options below and in. Individual Investor in a Series of the Companys Fiscal Year dissolution of the paperwork to Form an in. Aaa along with the AAA along with the appropriate filing fee is $ 500 plus an Additional $ 50 business. To appoint a Manager for each Series Agreement or a Series, as each Series shall be dissolved upon occurrence. Exchange for Membership Interests in such Series the meaning set forth below illinois series llc operating agreement of the Company not with! Drafted by an experienced attorney help organize your Company to suit the unique goals and provide the protection benefits... Will also need to show this document to: no, your Operating Agreement in Google Docs format this. Business of the Company shall be dissolved upon the occurrence of either of Company.
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