Illinois LLC Operating Agreement Attorneys

If you’re running a limited liability company (LLC) in Illinois, it’s essential to have an operating agreement in place. Although they are not required by law, an operating agreement can serve as an invaluable guide regarding the LLC’s structure, management, and internal procedures. However, drafting an operating agreement can be complex and it’s important to ensure your business interests are adequately protected. At Litico Law Group, we are dedicated to working collaboratively with our business clients to help them meet their objectives.

Trusted Counsel for Drafting LLC Operating Agreements

An operating agreement is a legal document that becomes a binding contract once it has been signed by all business partners. It will document the purpose of the business, the affairs of the company, and the rights and responsibilities of the LLC members. An LLC operating agreement also helps to avoid misunderstandings by setting forth rules for how the company will be run.

An Illinois operating agreement should include the following information:

  • The powers and duties of managers and members
  • Decision-making responsibilities
  • The capital contributions of all members
  • How losses and profits will be distributed
  • Member duties and benefits
  • Voting rights
  • The procedures for admitting new members
  • Buy-sell provisions
  • Reasons for dissolution
  • Procedures for winding up the company

Importantly, using boilerplate operating agreements found online is inadvisable. These templates do not offer adequate protection and often take a generic approach that does not account for the specific needs of your business. At Litico Law Group, our attorneys take the time to understand your business and its goals. Our experienced legal team knows how to draft a strong operating agreement that will mitigate risk and protect the future of your company.

Committed Counsel for Reviewing and Amending LLC Operating Agreements

When you work with Litico Law Group, you will have a skillful lawyer assisting you with meeting your business goals and guiding you every step of the way. In addition to crafting customized operating agreements that are tailored to the structure of your business and the goals of your company, we also look over and amend existing operating agreements. Our legal team can carefully review existing agreements to identify any areas that require improvement and work with you to make the necessary adjustments.

An amendment may be needed in cases involving a change or update to any of the following areas:

  • Ownership or membership — An LLC operating agreement may need to be updated when new members are admitted, or existing members leave the company.
  • Member roles and responsibilities — Any change in management or leadership should be documented in a new operating agreement.
  • Business activities — If the LLC expands its business activities or enters a new marketplace, the operating agreement should be amended to reflect this change.
  • Financial matters — Any changes to the financial structure of the LLC, or changes in the distribution of profits and losses among members should be documented.
  • Capital contributions — If adjustments need to be made to the allocation of capital contributions, the operating agreement should be amended.
  • Rules and procedures — In the event members wish to make changes to the rules and procedures of the LLC or existing rules need clarification, an amendment to the operating agreement is necessary.
  • Compliance — If there are any changes to the law regarding compliance matters that affect the LLC, the operating agreement must be amended.

Every business is unique, and no two LLC operating agreements should be identical. With the goal of empowering our business clients, we provide the legal support needed and offer comprehensive solutions for their concerns. Our proactive approach allows clients to have peace of mind knowing that they will have an operating agreement in place that will give their business stability, secure their bottom line, and minimize the potential for disputes. At Litico Law Group, no details are overlooked and every LLC operating agreement is meticulously drafted to impact the future growth of your business.

Diligent Representation for LLC Member Disputes

No matter how airtight an LLC operating agreement might be, disputes between members can still arise. Conflicts can also occur when there is no operating agreement in place — or it fails to address a certain topic. At Litico Law Group, we know that it is vital for you to have responsive counsel and experienced representation to shield your company’s bottom line. Our legal team knows how to resolve disputes as efficiently and cost-effectively as possible, while minimizing the harm to your company’s reputation and profit margin.

As vigorous negotiators and adept litigators, we assess every viable solution to resolve an LLC member dispute. In many cases, a resolution can be reached using mediation, arbitration, or another form of alternative dispute resolution. However, if settlement is not possible, we are prepared to represent your interests in the courtroom and will work relentlessly to achieve favorable results in your case.

Contact an Experienced Illinois LLC Operating Agreement Attorney

An operating agreement is integral to ensuring your LLC runs smoothly. It’s important to have an experienced business attorney on your side who can assist you with identifying your company’s needs and drafting an agreement that will meet them. Located in Rolling Meadows, Litico Law Group helps small businesses and corporate owners in Illinois with a wide variety of business matters. We welcome you to schedule a consultation, contact us online or give us a call at 847-307-5942 to learn how we can assist you.