Operating Contract (Multi-Member, Member-Managed) (Simple) (Illinois)

The Operating Contract (Multi-Member, Member-Managed) (Simple) (Illinois) template is a legal document that outlines the agreement and guidelines for the operation of a multi-member Limited Liability Company (LLC) in the state of Illinois. This template is specifically designed for LLCs that have multiple members and are managed by the members themselves.

The purpose of this document is to establish the rights, responsibilities, and obligations of each member, as well as the procedures for decision-making, profit-sharing, and dispute resolution within the LLC. It includes key provisions such as the purpose of the LLC, membership details, capital contributions, allocation of profits and losses, management structure, voting rights, decision-making processes, and limitations on member liability.

The template is intended to be clear, concise, and easily understood by all members involved. It provides a basic framework for structuring the LLC's operations and helps ensure that all members are aware of their rights and obligations. Additionally, the document complies with the laws and regulations specific to Illinois, making it suitable for LLCs registered in this state.

By utilizing this Operating Contract template, multi-member LLCs in Illinois can establish a solid foundation for their operations and mitigate potential disputes or misunderstandings between members. It serves as a legally binding agreement between members and can be referenced whenever issues or conflicts arise during the course of the LLC's activities.