LLC Operating Contract (Commercial Property, Member-Managed, Simple) (Illinois)

The LLC Operating Contract (Commercial Property, Member-Managed, Simple) (Illinois) under USA law is a legal template that outlines the terms and conditions for establishing and governing a Limited Liability Company (LLC) in the state of Illinois. This template specifically caters to LLCs that engage in commercial property activities and are managed by its members.

The operating contract covers various aspects essential to the formation and operation of the LLC, including but not limited to:

1. Formation: The template includes provisions to define the name and purpose of the LLC, the initial members, and their respective contributions to the company.

2. Management: It outlines that the LLC is member-managed, meaning that the members themselves are responsible for making major decisions, managing operations, and representing the company. The contract may stipulate the powers and responsibilities of each member, including voting rights and management roles.

3. Capital Contributions and Distributions: The contract addresses the capital investment required from each member and establishes guidelines for the distribution of profits and losses.

4. Membership Interests: This section outlines the ownership interests of each member, including details on how ownership can be transferred or assigned.

5. Meetings and Voting: The template covers the procedures for conducting member meetings, voting on important matters, and making decisions regarding the LLC's operations.

6. Dissolution and Termination: If necessary, the contract addresses the circumstances and procedures for dissolving the LLC, including the distribution of assets and liabilities.

It is important to note that this template is under USA law, specifically tailored to Illinois state regulations. While it may provide a solid foundation for structuring an LLC operating agreement, it should be customized and reviewed by legal professionals to ensure compliance with specific circumstances, state laws, and individual requirements.