Changes to Illinois LLC Act - Members With Authority
Get ready for changes to the Illinois LLC Act . Last year a bill to amend the statute was signed into law, but with its effective date deferred to July 1, 2017, and is now less than a month away. This is a significant update to the statute and may potentially affect existing LLCs; it is worth taking a look at an LLC's current Operating Agreement in light of the changes, to see if any updates are in order. For a complete review of all the changes, see the text/markup of the statute here . There are many changes to the statute, but I'd like to focus on one, particularly significant change. LLCs will now be able to designate certain members having authority to act for the company. This is a very significant change; existing LLCs may wish to revisit their management structure and operating agreements to see whether they could benefit by utilizing this new process. As part of the application to file Articles of Organization, Illinois LLCs are required to de...