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An Illinois Multi-Member LLC Operating Agreement confirms a contract’s designated parameters based on how an LLC will be configured and how the varied members define operation protocols. This form is to be utilized by limited liability companies managed by more than one party to verify ownership percentages, distributions, rights, and other defined understandings of how the business will be maintained moving forward. Although the paperwork is not necessarily required to file articles of organization, completing the form can be helpful to ensure all participants recognize established rights and operations.
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