Laws

LLC Statutes – Illinois Compiled Statutes: Limited Liability Company Act (§ 805 ILCS 180/1-1 – 805 ILCS 180/1-45)

Operating Agreements – § 805 ILCS 180/15-5

Definitions – “Operating Agreement” means the agreement under Section 15-5, whether or not referred to as an operating agreement and whether oral, in a record, implied, or in any combination thereof, of all of the members of a limited liability company, including a sole member, concerning the relations among the members, managers, and limited liability company. The term “operating agreement” includes amendments to the agreement (§ 805 ILCS 180/1-15).