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Illinois Multi-Member LLC Operating Agreement Form

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An Illinois multi-member LLC operating agreement to establish the rules, regulations, and structure of the entity. The document provides a means for members to relay the ownership and duties of each member, defining their relationship to the LLC. Additionally, an operating agreement can be used to substantiate the LLC’s separation from its owners, indemnifying them from liability in the case of legal action.

An LLC can be registered and begin its operations without an operating agreement, but it is common practice for companies to create one before engaging in business activity to establish a structure and organization that best fits their entity.