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Preview - Illinois Operating Agreement Form
Illinois Operating Agreement Template
This Operating Agreement ("Agreement") is made and entered into as of [Insert Date], by and among the following members:
- [Member Name 1], located at [Address]
- [Member Name 2], located at [Address]
- [Member Name 3], located at [Address]
This Agreement is intended to govern the operation of [LLC Name] pursuant to the Illinois Limited Liability Company Act.
Article I: Formation
- The Members hereby form a Limited Liability Company ("Company") under the name of [LLC Name].
- The principal office of the Company shall be located at [Office Address].
- The Company shall be registered in accordance with the laws of the State of Illinois.
Article II: Purpose
The purpose of the Company is to engage in any lawful activity for which limited liability companies may be formed in the State of Illinois.
Article III: Members and Capital Contributions
1. The Members shall contribute the following capital amounts:
- [Member Name 1]: [Contribution Amount]
- [Member Name 2]: [Contribution Amount]
- [Member Name 3]: [Contribution Amount]
2. Additional contributions may be made upon agreement of all Members.
Article IV: Management
The Company shall be managed by its Members. Decisions shall be made by a majority vote of the Members.
Article V: Distributions
Distributions shall be made to the Members at the times and in the amounts determined by the Members, in proportion to their respective capital accounts.
Article VI: Indemnification
The Company shall indemnify, to the fullest extent permitted by law, any Member or Manager for any liability arising from the activities of the Company.
Article VII: Amendments
This Agreement may be amended only by a written agreement signed by all Members.
Article VIII: Miscellaneous
- This Agreement constitutes the entire agreement among the Members.
- This Agreement shall be governed by the laws of the State of Illinois.
IN WITNESS WHEREOF, the Members have executed this Operating Agreement as of the date first above written.
Member Signature: _________________________
Member Signature: _________________________
Member Signature: _________________________
Create Other Common Operating Agreement Forms for Different States
Does Ohio Require an Operating Agreement for an Llc - It defines how profits and losses are shared among members.
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State Fees for Llc - The Operating Agreement can provide insight for potential mergers or acquisitions in the future.
Similar forms
- Bylaws: Similar to an Operating Agreement, bylaws outline the rules and procedures for managing a corporation. They specify how meetings are conducted and how decisions are made.
- Partnership Agreement: This document governs the relationship between partners in a partnership. Like an Operating Agreement, it details roles, responsibilities, and profit-sharing arrangements.
- Shareholder Agreement: For corporations, a shareholder agreement is similar in that it defines the rights and obligations of shareholders, including voting rights and dividend distribution.
- Joint Venture Agreement: This agreement outlines the terms of a partnership between two or more parties for a specific project. It shares similarities with an Operating Agreement in defining contributions and profit-sharing.
- Management Agreement: This document outlines the management structure and responsibilities of managers in a business. It serves a similar purpose to an Operating Agreement by detailing how the business will be run.
- Firearm Bill of Sale: To ensure proper documentation during firearm transfers, refer to the comprehensive Firearm Bill of Sale form guide for a smooth transaction process.
- Franchise Agreement: A franchise agreement governs the relationship between a franchisor and franchisee. It includes operational guidelines, similar to those found in an Operating Agreement.
- LLC Membership Agreement: This document is specific to limited liability companies and outlines the rights and responsibilities of members, much like an Operating Agreement.
- Operating Plan: An operating plan details the day-to-day operations of a business. It complements an Operating Agreement by providing a practical framework for implementation.
- Confidentiality Agreement: Also known as a non-disclosure agreement, this document protects sensitive information. While not directly related, it can be part of the operating procedures outlined in an Operating Agreement.
- Employment Agreement: This document outlines the terms of employment for individuals working for the business. It can be similar in that it defines roles and responsibilities within the company.