Form Il-00llc-1 - Llc Operating Agreement Page 2
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21OPERATING AGREEMENT
OF
______________________________________
AN ILLINOIS LIMITED LIABILITY COMPANY
THIS OPERATING AGREEMENT ("Agreement") is entered into the _____ day of
__________, 20___, by and between the following persons:
1.
_______________________________________________________________
2.
_______________________________________________________________
3.
_______________________________________________________________
4.
_______________________________________________________________
hereinafter, ("Members" or “Parties”).
FOR VALUABLE CONSIDERATION, the receipt and sufficiency of which is
hereby acknowledged, the Parties covenant, contract and agree as follows:
ARTICLE I
FORMATION OF LIMITED LIABILITY COMPANY
1.
Formation of LLC. The Parties have formed an Illinois limited liability
company named ___________________________________________________ ("LLC").
The operation of the LLC shall be governed by the terms of this Agreement and the
applicable laws of the State of Illinois relating to the formation, operation and taxation of a
LLC, including the Illinois Limited Liability Company Act (805 ILCS 180) hereinafter
referred to as the "Act". To the extent permitted by the Act, the terms and provisions of this
Agreement shall control if there is a conflict between such Act and this Agreement. The
Parties intend that the LLC shall be taxed as a partnership.
Any provisions of this
Agreement, if any, that may cause the LLC not to be taxed as a partnership shall be
inoperative.
2.
Articles or Organization. The Members acting through one of its Members,
_____________________________________, filed Articles of Organization, ("Articles")
for record in the office of the Illinois Secretary of State on _________________________,
thereby creating the LLC.
3.
Business. The business of the LLC shall be:
(a) to invest in and develop real property located in _______________ County,
________________________ ("Property");
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