Amendments to the Limited Liability Company Act provide that LLCs are member-managed unless their operating agreement specifies otherwise, and amendments clarify provisions regarding the duty to allow members to inspect and copy records.
Among other changes, the new law - which draws from the Revised Uniform Limited Liability Company Act - would allow LLC members and managers to waive some fiduciary duties.
The Series LLC gives sweeping liability protection to those who use it. But will it shield an umbrella entity in bankruptcy and under UCC Article 9 from liability incurred by debtor subunits?
On December 20, 2013, the Illinois First District Appellate Court, as a matter of first impression, held that the sole member of a limited liability company (LLC) that sold a condominium unit was not personally liable for alleged frauds committed by that LLC.
Should your client organize as a corporation? An LLP? An LLLP? An L3C? This back-to-basics article identifies the entities and the factors to consider when choosing among them.
State lawmakers recently allowed for the creation of Low-Profit Limited Liability Companies (called L3Cs) for groups advancing educational or charitable purposes.
Part 178 of Title 14, known as the Limited Liability Company Act, has been amended by the Secretary of State in two pertinent parts, effective November 28, 2005.
This form of business organization, newly authorized in Illinois, can help some clients limit personal liability while enjoying certain advantages of partnership.