What legal documents govern the business and affairs of a limited liability company? Typically, the business and affairs of a limited liability company (LLC) are governed by a written operating agreement executed by the members of the LLC. Sometimes Delaware LLCs will refer to this agreement as a limited liability company agreement; however, a company […]
read moreRecently, the question came up on whether an Illinois LLC can appoint officers. Traditionally, the individuals with authority to govern the business and affairs of an LLC are the members or the managers. A corporation has officers (president, secretary, treasurer, etc). There has never been a prohibition against the appointment of officers of an LLC, and […]
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Effective December 20, 2017, the State of Illinois reduced many of its limited liability company (LLC) filing fees: https://www.illinois.gov/dceo/Media/PressReleases/Pages/PR20171220.aspx Per the press release, the reduction in fees was made to “encourage more businesses to form in Illinois rather than go to other states to escape high fees.” Here is comparison of the old fees to the […]
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