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A New Day for LLCs in Illinois

In his January 2019 Illinois Bar Journal article, “A New Day for LLCs in Illinois,” Matthew Misichko, an associate in the corporate department at Barnes & Thornburg, discusses new strategic opportunities for clients who are forming businesses in Illinois thanks to recent amendments to the Illinois Limited Liability Company Act. Significant amendments to the Illinois Limited Liability Company Act took effect on July 1, 2017, and brought the Act into conformity with the Uniform Limited Liability Company Act already followed by most states. With the changes come new recommendations for reviewing a current LLC operating agreement or drafting a new one. For starters, LLCs now have appointment power, bringing LLCs into alignment with corporations, which have had such authority for a long time. Also, LLC managers can now be designated rather than elected.

Read more in the January issue of the Illinois Bar Journal. 

Posted on January 14, 2019 by Rhys Saunders
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Member Comments (1)

Wait, it says I can comment and leave a link, while Google's back link's have changed.  I suppose a peoria lawyer can still put one in.

 

Yeah, and a very robust system to leave links, I will be careful to not use this for like....a cannabis lawyer . or even a peoria immigration lawyer