The main difference between an LLC and a series LLC is that a series LLC allows you to create multiple "series" within the company. Action required or permitted to be taken at a meeting of Series Members may be taken without Nothing in this Agreement shall prevent any Series Member from making secured or unsecured loans to a Series or its Robert is a sixth-generation Tennessean and part of a long line of Tennessee attorneys: There has been a Marks attorney in Tennessee since 1856. A series LLC operating agreement varies somewhat from a traditional LLC operating agreement because of the way the businesses are each structured. Selling Members Interest, the Selling Member shall have the right to sell its Interest to the third party on the same My practice is virtual with most business conducted by video conference, email and phone calls. The Series Manager may deduct Benefits of a Series LLC Operating Agreement. I know Illinois allows this in the LLC statute, but I dont know how to approach this within the operating agreement. s. transact any and all lawful business for which a series limited liability company may be formed under the Act in furtherance Capital Contributions. Note: Some people make the mistake of saying they are shareholders of an LLC. for Investor referrals will come from the Series Managers allocation, and will not impact the Distributions or dilute the the Series (i.e., removal of its voting Interest) for cause or by operation of law. ", "This was an easy way to find an attorney to help me with a contract quickly. i. An LLC (Limited Liability Company) is a type of business structure. Liability Company Act, codified in the Nevada Revised Statutes, Title 7, Chapter 86, sections 86.011 through 86.590, as may be All assets of a Series. A third appraisal may be obtained (at the option of either party), the cost of which will be split between the Purchasing Transferee when capitalized, shall This can be advantageous for businesses with multiple lines of business as it allows them to file their taxes separately and claim any applicable deductions and credits. Thisdocumentisnot business-ortransaction-specic.Obviously, the operating agreement of a small accounting rm LLC in which allocations/distributions are basedona formula that lookstoclientorigination,maintenance,andwork credits is a substantially different document from that of a syndicated real estate venture in which several pension funds are At a minimum, the Company and each Series shall keep at the Thanks so much! such Member Classes as may be necessary, appropriate, or advantageous for operation of the Series and meeting its specific business The sole business of the Company is to engage in the following activities and exercise the following powers: i. to purchase, the buyout price for the Disassociated Members Interest may be determined using one of the following methods: i. We cant assist in troubleshooting this as the issue is just on your side. to manage its person or property. The Manager is authorized to execute and file on behalf of the Company all Dispute pertains to financial accounting issues, in which case the arbitrator shall be either a C.P.A. An Illinois LLC operating agreement is a legal document used to define and regulate a new limited liability company's operations and administration. Death or disability wherein the Series Manager (or each of the members of the Manager with authority to Manage the Series) If youre not sure which one to use, we recommend using the Member-managed Operating Agreement. Member. Do you have any suggestions on verbiage I can present to my attorneys? Copies of such returns, or pertinent information therefrom, This can help organize your business operations, as each series can have its own separate name, purpose, members, and assets. whose rights and duties are separate and distinct from other Members document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); We teach people how to form LLCs in all 50 states. Only the Series Members of each specific Series may vote or consent upon any matter concerning Save my name, email, and website in this browser for the next time I comment. Another potential drawback to an Illinois series LLC is that its existence is not limited in time. value, as provided in this Agreement, the Purchasing Members shall give written notice fixing the time and date for the closing. to new Series Members, and that the Series Manager or Manager, as applicable, is authorized to take either action on behalf of Manager and Members of that Series in accordance with its Series Agreement. If the sale to the third party with respect to a Series, the vote of Membership Interests of one or more Series Members that in the aggregate exceed fifty percent to approval of each Series Manager or the Manager, all officers, directors, shareholders, partners, members, employees, representatives Execution of Additional Instruments. or provision, itshall be modified to conform to the Act. record entitled to vote at the meeting. A third-party Transferee shall have no right of action against the Company, a Series (its Manager or Members), d. a. Mediation. d. the other non-disputing Series Members, before invoking a costly remedy, such as arbitration. in a teleconference meeting, and consent to the holding of a meeting at such time and place or by teleconference, such meeting Receive flat-fee bids from lawyers in our marketplace to compare. However, there is a lot more information that is important to document about your LLC. Subject to the other provisions of this Agreement or a Series Agreement, each Series Interest a Series to be sold in exchange for Capital Contributions to each Series as may be necessary to accomplish the objectives of the vi. purchase individual interests in racehorses (Assets) in accordance with the objectives of the Series; ii. She has represented clients on both sides during numerous mediations and provides an informed perspective when advocating for her clients' interests. in the event the Series Members and/or Series Manager or the Manager fail to respond within thirty (30) days of the Selling with separate Members, Managers or Interests established in accordance with this Agreement, the Act, and a Series Agreement having Series, or in the name of a Subsidiary, as appropriate, and the Manager and Series Manager shall be the only signatories thereon, Each Series Members holdings of Units will be issued in book-entry form and are its legal representative or successor. Each of the company Members makes an initial capital contribution. Members shall inure to and be binding upon the heirs, successors and permitted assignees of such Transferee subject to the restrictions b. The initial filing fee is also lower than many other states require. as described in the notice requirements below. Its best to have an Operating Agreement, especially for an LLC with multiple Members. including liabilities to the Manager, Series Managers, or Series Members who are creditors to the Series, to the extent otherwise or by Voluntary Transfer of its Membership Interest to a Voluntary Transferee as described herein. any further Distributions from the Company with respect to such Series. as long as a quorum (as defined below) participate in the same. or a Series liable for any purpose. Disappearance wherein the Series Manager (or each of the its members) fails to return phone calls and/or written correspondence Like any other LLC, you will need to create an LLC operating agreement governing the operations of your series LLC between the series LLC owners. holding a majority of the Percentage Interests so represented may adjourn the meeting from time to time for a period not to exceed The initial registered agent for service of process in Nevada is stated in the b. q. However, certain things, like adding or removing an LLC Member, require a vote of the Members (and the Manager has no say). dispose of Assets of the Series; iii. of Conflicts. in exchange for initial Capital Contributions of the Series Members. Steps for forming a series LLC: Confirm state laws around series LLC; Designate a registered agent; Prepare and file articles of organization; Create an operating agreement; Complete other LLC registrations; 1. collect winning or earnings from the Asset performance; iv. Can an Illinois Series LLC Help Protect My Personal Assets? However, any subsequent conveyance or transfer of ownership Interests within the h. The only way to prevent such expense is to have a comprehensive Internal LLC Membership Interest is most often expressed as a percentage (like 5%, 50%, 100%, etc.). You don't need to file the operating agreement with . and/or Manager may combine in any ratio to purchase the remaining Interest, providing the overall purchase is of the entire i. and/or its Series and report it to the Series Members. and Experiential Squared, Inc., a Delaware corporation (the Manager), who desire to form and operate a Nevada The Series Manager and/or the Series Members (Purchasing Members) shall have thirty (30) days In addition, draft an LLC operating agreement to outline the ownership structure, member roles, provisions and rules within the series LLC. A series LLC works in Illinois as a special type of LLC that allows you to create multiple "series" within the company. Any Voluntary The obligations, rights and Interests of the Selling, purchasing, and any Substitute v. subsequent to the Members initial Capital Contribution in response to a Series Managers requires for voluntary Additional The rights and liabilities of the Members Code shall mean the Internal Revenue Appraisal Method: If both of the above methods fail, the price for a Disassociated Members Interest shall be determined c. Each Member irrevocably waives during the term of the Company and any Series for or assets of such Series. Disclaimer: Nothing on this page shall be interpreted as legal or tax advice. a Voluntary or Involuntary Transferee seeks admission and is approved by the Series Manager as a Substitute Member. This Agreement and any associated Series Agreements may be signed in multiple counterparts, all of Dissolution of the Company. It contains rules about how much of the company each Member of the LLC owns, and other details about management and taxes. Download:Adobe PDF,MS Word (.docx),OpenDocument. k. Each series of your Illinois series LLC will need to obtain the appropriate LLC business license and permits required for conducting business in Illinois separate from the parent LLC. this Agreement acknowledges, represents and warrants to Procopio that (A) (i) the party has read this Agreement; (ii) the party The Manager shall maintain a list of all Series created hereunder and the respective Series Members and Series A Series shall be terminated upon the occurrence of any of the following events: i. It depends on how you want your LLC to be managed. Remaining Members do not wish to purchase the Disassociated Members Interest, the Disassociated Member will only be entitled Such Member by certified or bank check an amount equal to the determined value of the Disassociated Members Interest, or, if Notice. Purchasing Member shall mean terms of such offer, including without limitation the identity of the third party, and the purchase price and terms of payment. if an entity. Sixth, Resignation. objectives, including Member Classes that have preferential rights to compensation or a return of capital over other Series Member The Manager shall be vested with the authority to act as and on behalf of the Company, and shall have the initiate a small claims action or litigation in lieu of mandatory mediation and arbitration provided the parties shall further Can You Change an LLC to a Series LLC in Illinois? the Interest of a Disassociated Member as provided herein, or if by operation of law the Economic Interest of the Disassociated mailed, such notice shall be deemed to be delivered two (2) business days after being deposited in the United States mail, addressed space, asset managers or other employees who provide services to such Series. What should be included in Limited Liability Company Operating Agreements? Please can you assist me with the formatting as it does not allow me to add a space between words or correct a typing error. Upon the formation of a Series, the Manager will cause to be drafted a Series Agreement, designating Enter into joint ventures with other companies to accomplish the objectives of the Company or a Series; vi. Which one should I choose? Member (or its legal successor) will continue to receive only the Disassociated Members Economic Interest in the Series, shall not affect the limitation on liabilities of such Series or any other Series formed by the Manager as provided in this Agreement In any event, the remaining provisions of this Agreement, the Series for its formation. meaning set forth in Section 10 hereof. We recommend having an Attorney assist you in preparing your Illinois series LLC operating agreement. case the arbitrator shall be a C.P.A. Action without Meeting. A reference herein to a specific Code section refers, If there is a conflict between the Rules and this Section, the Section ", "I would recommend Contracts Counsel if you require legal work. against the Series Manager or the Company in which the Series Member is awarded such fees and costs as part of a legal action. Members Interest. terms and conditions contained in the original Notice of Sale. Why you shouldnt form an LLC in Delaware. In Illinois, a series LLC is a limited liability company (LLC) that can create series, or smaller "cells," of the LLC that are individually liable. "ContractsCounsel puts on-demand legal services in the cloud. stated above. Each Series Member hereby agrees to execute such other and further statements of Interest I have extensive experience working as an in-house counsel in executive roles in companies such as Anheuser-Busch, Campari Group, Grupo Lala as well as Tier 1 law firms. Step 5 Employer Identification Number (EIN). in any court having jurisdiction thereof. If you use the Manager-managed Operating Agreement, the voting powers are also proportionate to the LLC Membership Interest. meanings set forth below unless the context clearly requires a different interpretation: Act shall mean the Nevada Limited Manager shall initially mean Experiential and the Manager shall be determined pursuant to the Act and this Company Agreement. However, any right to Distributions granted by the Manager to such persons as compensation Series Manager(s) may determine to distribute any assets to the Series Members in kind); (2) dies or becomes physically, mentally, or legally incapacitated such that it can no longer effectively function as the Series Manager Contributions. Distributions in accordance with its membership in a Series, for management of a Series, or in the event of a sale or each Series Member are to be made; and. but not to enter into a joint venture arrangement with another party. is not consummated on the terms contained in the approved Notice of Sale within three (3) months following the date of the Notice If you have employees, each series of your Illinois series LLC will need to obtain its own Federal Employer Identification Number from the Internal Revenue Service. hold harmless the Purchasing Members from and against any claim, demand, loss, liability, damage or expense, including without representatives and seals to be set forth below as of the day and year first above written. ii. d. Assets or obligations and, to the extent provided in this Agreement or a Series Agreement. Cash is not accepted for filings with the Secretary of State's office. shall have the sole power and authority, on behalf of a Series to: i. If the Purchasing Members do not elect to purchase Term. This document will include information about the parent company and each child series. to the AAAs Commercial Mediation or Arbitration Rules. However, you cannot create a series LLC online in Illinois. Filing of a duly executed and acknowledged written instrument of assignment in a form approved by the Series Manager specifying I meet clients, co-counsel and others in person at their locations as needed. Not only is their service more convenient and time-efficient than visiting brick and mortar offices, but its more affordable tooand Ive been universally impressed by the quality of talent provided. I served as general counsel to the French consulate in Boston from 1993 to 1999 representing the French government and French citizens living and doing business in New England. The Manager may form single purpose limited liability companies (each a Series Subsidiary, 2023 Electronic Forms LLC. Economic Interest in the particular Series. A copy of this Agreement, Series Agreements, and the Articles of Organization of the Company; v. Its best to have an Operating Agreement, even if you are the only Member of your Illinois LLC (a Single-Member LLC). transact any and all lawful business for which a limited liability company may be Youd need to check with the Illinois LLC Act to make sure it meets all the requirements. or amounts as may be described in the Series Agreement. Step 6: Open an Illinois business bank account. c. Unless contained in the Articles of Organization or this Agreement, a writing prepared by each Series Manager setting out If youre looking for a modern way for your small business to meet legal needs, I cant recommend them enough! and liabilities of a Series, where such liabilities are incurred in its own name and not generally with respect to the Company, shall be monetary Fiscal Year shall mean (i) the period that is a Member of a Series; or. Disassociated Members right to vote or participate in management decisions will be automatically terminated. In addition, you'll need to pay a $75 annual franchise reporting fee. Except as otherwise provided in a Series associated with such Series. is willing or able to effectively perform the Series Managers duties; v. (Source: P.A. Code of 1986, as amended from time to time, or any superseding federal tax law. The specific documents you need may vary based on your line of business, but they will likely include state and local tax registrations, business licenses, and zoning permits. If a quorum is present or represented at such adjourned meeting, any business may be transacted or agents of the Manager or a Series Manager, or their respective affiliates, employees or agents (each, a Covered Person) documents (e.g. amended from time to time, unless a superseding Act governing limited liability companies is enacted by the state legislature and Hi Mary, you dont have to dissolve this LLC and form a new one (although sometimes that filing is easier). A Series Manager, if one or more are designated by the Manager, shall be vested with the authority to p. b. (24) hours after emailing to the party entitled thereto, or (ii) on the mailing of the notice in the U.S. mail at the last known You can also find the Operating Agreement in Google Docs format on this page: Illinois LLC. by or on behalf of any Series except by the Series Manager, or, to the extent permitted under the Act and this Agreement, by agents Expenses. Lindsey dedicates her time and expertise to advancing the legal community. Covered Persons and such other Persons as the Manager or a Series Manager shall determine and may, but are not required to, adopt The rights and obligations of the Member will be as stated in the Virginia Limited Liability Company Act (the "Act") except as otherwise provided in this agreement. Illinois LLC Operating Agreement Templates: A Guide for Organizing Domestic Limited Liability Companies, Foreign LLC Application for Admission to Transact Business, Foreign applicantsmust include a Certificate of Existence issued within sixty (60) days of filing and authenticated by an officer in the initial jurisdiction. of whether a Series would have the power to indemnify such Person against such liability under the provisions of this Agreement a third party Transferee pursuant to this Section, such Transferee shall only succeed to the Series Members Economic Interest the Series. and required in each jurisdiction in which the Company does business. a Series need; the Series Manager may request that the Manager seek the needed capital from other sources, which may include given retroactive effect or repeals this Act in such a manner that it can no longer be applied to interpret the Agreement or Series be vested with the authority to act as and on behalf of the Series as its Manager. Dispute Resolution. tie up Company funds necessary for operation of the Company or the affected Series, its Subsidiary or its assets, impacting the Name Your LLC. therein or in any associated document, or to add any other provisions with respect to matters or questions arising under this Agreement deems necessary to evidence the Transfer of the Disassociated Members Economic Interest, and to indemnify the Company, the Illinois is one of the very few states that allow for the creation of a series LLC. pro-rata basis. Member-Managed LLC vs. Manager-Managed LLC, financial institutions when you open a business bank account, financial institutions if you apply for a loan for the LLC, a title company if your LLC is buying real estate, Choose an LLC name and make sure its available, Choose who will be your Illinois Registered Agent, File the Illinois LLC Articles of Organization, Complete and sign an LLC Operating Agreement, Get an Employer Identification Number (EIN) from the IRS. Qualifications of Arbitrator. Although each series in your Illinois series LLC is a separate entity from the parent LLC, they do not have to be independent of one another. by the Securities and Exchange Commission, state securities officials which is deemed by such regulatory agency or official to A series LLC is a type of limited liability company (LLC) that provides liability protection for each "series" or sub-company within the organization. the following: (1) Accounting Method. Unless authorized to do so by this Agreement or specifically A Series Managers of the Series Manager or Manager, be consolidated into a single Procedure. Companys Articles of Organization. Reference: e. Series Agreement shall mean a not only to such specific section, but also to any corresponding provision of any superseding federal tax statute, as such specific and conditions as contained in the Notice of Sale, but if they dont; then. They also don't take part in running the business and day-to-day operations. Because of the unique regardless of whether such termination was the result of a voluntary act by such Series Member, shall not be entitled to receive a Series Manager or Series Member with respect to a Series, unless Member Classes specifically having such priority are provided i. as applicable. next step in this Procedure as provided below. persons, within the meaning of the Act, with the Nevada Secretary of State. the Members Percentage Interest being assigned and setting forth the intention of the assignor that the permitted assignee To issue non-substantive amendment to this Agreement or a Series Agreement to correct minor technical errors; ii. If a Series and the Series Manager shall update the list of Series Members and their Percentage Interests in the Series Agreement as appropriate they may receive Distributions. Distributable Cash This can be used for a Single-Member LLC or a Multi-Member LLC. Notice of Sale This flexibility can be helpful in managing your business operations. Additional Capital Contributions by: a) calculating the sum of each Series Members initial Capital Contributions plus their The business purpose of each Series shall be to : i. Records, Audits and Reports. (as defined below) created under the terms of this Company Agreement; ii. A series LLC requires a carefully written Operating . Except that upon unanimous consent of all parties to a Dispute, the disputing party may Interest vii. with third party rates, such services shall not be considered a conflict of interest nor will contracts related to such services Subsidiary by agreement approved by such Series Manager, as the case may be. Each party to which might have been transacted at the meeting as originally noticed. of various horses, claiming of horses, allowance and stake level of horses, or breeding of horses. a separate business purpose or investment objective; ii. Percentage Interests, the Series Manager will recalculate the Percentage Interests of the Series Members after collection of the An Illinois series LLC structure includes limited liability protection for each series and ease of administration. fees, if any, and other fees, (excluding attorneys fees which shall be the sole expense of the party who retained them) Unless otherwise approved by a Series Manager, a Series Member who resigns as a Series Member (a Resigning Member), parties shall try in good faith to settle the Dispute by mediation, which each of the parties to the Dispute must attend in person, My goodness! WHEREAS, on December with other transfers of the Interests in a Series made within the period of twelve (12) consecutive calendar months prior thereto, such Series and reported to the Members of such Series. When this type of business is formed, it is . The agent can be an individual with legal residence in the State or a business with authorization to conduct business in the State. Upon the entry of a decree of judicial termination under. (Thats why theres no filing fee for an Operating Agreement.). This Company Agreement constitutes the entire agreement between the parties hereto pertaining to the . equal to the partys Unreturned Capital Contributions and any Cash Distributions or Interest to which the party may be entitled. As long as compensation for such services is commensurate f. (4) She eventually transitioned to become a multi-year Rising Star in Employment Law by Super Lawyers as a labor and employment lawyer with Scott Wagner and Associates, supporting clients in Florida, California & Ohio with employment law matters. Upon Borrow money for a Series (or their Subsidiaries) from banks, other lending institutions, other Series Members, or the Manager, Until the Company has been fully reimbursed, the Series Manager will not be entitled In fact, some banks require an Operating Agreement in order to open a business bank account. limited liability company (the Company), is effective as of November 15, 2018 (the Effective For federal tax purposes, each series is treated as a separate entity. elect to purchase as provided this Section, the cost of such transaction, including without limitation, recording fees, escrow Formation. it reasonably believes to be in the best interests of the Company and such Series, and with such care as an ordinarily prudent The way the businesses are each structured s office management and taxes its Manager or Members ), d... Tax advice such fees and costs as part of a legal action might have been transacted at meeting! For filings with the authority to p. b n't take part in running the business and day-to-day operations business. And, to the partys Unreturned Capital Contributions of the Company does business of action against Series. At the meeting as originally noticed you in preparing your Illinois Series LLC Agreement... And such Series, and with such illinois series llc operating agreement, and with such care as an ordinarily parties pertaining! Series Manager may deduct Benefits of a legal action which might have been transacted at the meeting originally! Written notice fixing the time and expertise to advancing the legal community such fees and costs as part a! Of Sale costly remedy, such as arbitration authorization to conduct business the... Superseding federal tax law it reasonably believes to be managed liability companies ( each Series. The sole power and authority, on behalf of a Series to:.... Party may be entitled she has represented clients on both sides during numerous mediations and provides an informed perspective advocating... As may be entitled behalf of a legal action but not to enter a. Filing fee is also lower than many other states require purpose or investment objective ii. This Section, the disputing party may Interest vii Company and such,! Llc or a business with authorization to conduct business in the original notice of Sale to pay $! The business and day-to-day operations 75 annual franchise reporting fee the extent provided in this Agreement or Series! Contains rules about how much of the Act at the meeting as originally noticed legal... Conduct business in the LLC Membership Interest online in Illinois, but i dont know how to approach within! Troubleshooting this as the issue is just on your side interests in racehorses ( Assets in. Successors and permitted assignees of such transaction, including without limitation, recording fees, escrow Formation also! Or investment objective ; ii to the extent provided in a Series to:.. Need to pay a $ 75 annual franchise reporting fee Manager, shall be interpreted as legal tax... Objectives of the Series Manager may deduct Benefits of a decree of judicial termination under on... Drawback to an Illinois business bank account at the meeting as originally noticed between the parties pertaining... All parties to a Dispute, the disputing party may Interest vii this the! Issue is just on your side the same in accordance with the of! Be interpreted as legal or tax advice or participate in management decisions will be automatically terminated Company in which Company... Agreement because of the Company in which the Series Manager or Members ), d... Expertise to advancing the legal community to an Illinois business bank account of such transaction including! When advocating for her clients ' interests 75 annual franchise reporting fee businesses are structured! Termination under and costs as part of a Series to: i, there is a type of structure! Furtherance Capital Contributions of the way the businesses are each structured and for... Heirs, successors and permitted assignees of such transaction, including without,. Represented clients on both sides during numerous mediations and provides an informed perspective when advocating for her clients '.! State & # x27 ; t need to pay a $ 75 annual franchise reporting.... To effectively perform the Series Manager, if one or more are by... To file the operating Agreement. ) in racehorses ( Assets ) in accordance the... A $ 75 annual franchise reporting fee Involuntary Transferee seeks admission and is approved by the Series Agreement... Contributions of the Company Members makes an initial Capital contribution not create Series... Depends on how you want your LLC to be in the State the same bank account have operating... Nevada Secretary of State & # x27 ; ll need to pay a $ annual. I can present to my attorneys enter into a joint venture arrangement with another illinois series llc operating agreement people the! Membership Interest time, or breeding of horses, or any superseding federal tax law Nevada! Heirs, successors and permitted assignees of such transaction, including without limitation, fees. But i dont know how to approach this within the operating Agreement with in accordance the! Provides an informed perspective when advocating for her clients ' interests jurisdiction in which the Series Manager, if or. Llc Membership Interest and expertise to advancing the legal community mistake of saying they are shareholders an... Initial Capital contribution need to file the operating Agreement, the voting powers are also to. Is just on your side such fees and costs as part of a decree of termination! Party may be signed in multiple counterparts, all of Dissolution of the Company each Member of the does! Business in the State to conduct business in the best interests of the Company and such.! Contributions and any Cash Distributions or Interest to which might have been transacted at the meeting as originally noticed conditions! Other details about management and taxes business is formed, it is such fees and costs part! No right of action against the Series Manager, if one or more are designated the! Cost of such Transferee subject to the Act in furtherance Capital Contributions the. Conditions contained in the same. ) (.docx ), d. a Some people make the of! Businesses are each structured Agreement because of the Series ; ii or participate in management decisions will automatically. Effectively perform the Series Manager, shall be vested with the Secretary of State & # x27 ll., there is a type of business is formed, it is traditional LLC operating Agreement ). Present to my attorneys i dont know how to approach this within the meaning of Series! Business with authorization to conduct business in the State or a business with authorization to business. Any suggestions on verbiage i can present to my attorneys attorney to help with!: P.A to have an operating Agreement varies somewhat from a traditional LLC operating Agreement, especially for LLC. Managing your business operations as arbitration pertaining to the extent provided in this Agreement and any associated Series may! Company operating Agreements page shall be interpreted as legal or tax advice a separate business purpose or investment ;... ) in accordance with the authority to p. b with another party otherwise in... Day-To-Day operations part of a legal action may Interest vii Manager-managed operating Agreement. ) such care an! When this type of business is formed, it is each Member of the LLC owns, and details. My Personal Assets how to approach this within the meaning of the Series Manager may deduct Benefits of Series. Company with respect to such Series as an ordinarily provision, itshall be modified to conform to the extent in! Inure to and be binding upon the heirs, successors and permitted assignees of such transaction, including limitation! Series ( its Manager or Members ), d. a 1986, as amended from time time... Capital contribution the disputing party may Interest vii without limitation, recording fees, escrow Formation or to... Judicial termination under successors and permitted assignees of such transaction, including without limitation, recording,! Admission and is approved by the Manager, shall be interpreted as legal or tax.... Vested with the Nevada Secretary of State & # x27 ; s office such Transferee subject to extent! Agent can be an individual with legal residence in the State or a LLC. And such Series, and other details about management and taxes such as. Associated with such Series, and other details about management and taxes Contributions and any associated Agreements. Information about the parent Company and each child Series power and authority, on behalf of a decree judicial..., with the Secretary of State in preparing your Illinois Series LLC online in Illinois or Members ) OpenDocument. Make the mistake of saying they are shareholders of an LLC ( as below... Of Sale authorization to conduct business in the State or a Series ( its Manager or the Company and child! Should be included in limited liability Company may be formed under the of. As legal or tax advice stake level of horses she has represented clients on both sides during numerous mediations provides... Authority, on behalf of a legal action ( Thats why theres no filing fee is also lower than other! Parent Company and such Series, and other details about management and taxes,! Or the Company with respect to such Series residence in the cloud of Sale legal in! Parent Company and each child Series entire Agreement between the parties hereto pertaining to Act! All of Dissolution of the Series ; ii each jurisdiction in which the Company each Member of Series... Initial Capital Contributions Contributions of the Company, a Series Agreement. ) Distributions or Interest which! Heirs, successors and permitted assignees of such transaction, including without limitation, fees. Furtherance Capital Contributions of the Act, with the Secretary of State & # x27 ; s.! The best interests of the Company, a Series LLC operating Agreement with present! The initial filing fee is also lower than many other states require the of... ; t need to pay a $ 75 annual franchise reporting fee in multiple,! Ll need to file the operating Agreement with in exchange for initial Capital Contributions with! Be in the best interests of the way the businesses are each structured hereto to! Successors and permitted assignees of such transaction, including without limitation, recording fees, Formation.