LLC Operating Agreements
Why Your LLC Needs an Operating Agreement
An operating agreement is a crucial document that sets forth the framework and rules for running a limited liability company (LLC). All members of a limited liability company may enter into an operating agreement to regulate the affairs of the company and the conduct of its business to govern relations among the members, managers and company. 805 ILCS § 180/15-5(a). It is in the best interest of an LLC to have an operating agreement, although it is not required by law in the state of Illinois.