This handbook presents attorneys with valuable information on how to advise clients when structuring and working with limited liability companies. It includes a comprehensive background on LLCs and why they are effective; extensive instruction on how to file Form LLC-5.5, Articles of Organization; considerations for tax and insolvency issues for LLCs; and discussion on series LLCs. Sample forms include operating agreements for member-managed and single member LLCs, a pre-organization agreement, and a separate series agreement. The handbook also contains charts comparing forms of business operation and checklists for LLC organization, provisions for operating agreements, client issues in drafting LLC documents, and operating agreement fiduciary duty modification options.
General Editor:
William A. Price, Growth Law, Warrenville
Chapter 1 — Overview
Timothy S. Farber, Locke Lord LLP, Chicago
Chapter 2 — Introduction to and Background of Illinois Limited Liability Companies
Anthony J. Jacob, Hinshaw & Culbertson LLP, Chicago
Chapter 3 — Organizing an Illinois Limited Liability Company
William A. Price, Growth Law, Warrenville
Chapter 4 — Limited Liability Company Operating Agreements
Timothy J. Leake, Kelly E. Hintzsche, and Thomas R. Cross, Allen Galluzzo Hevrin and Leake, LLC, Rockford
Chapter 5 — Illinois Limited Liability Company Operating and Maintenance Issues
Timothy S. Farber, Locke Lord LLP, Chicago
Chapter 6 — Liability of Members and Managers in Limited Liability Companies, Including Breach of Fiduciary Duties
Charles W. Murdock, Loyola University School of Law, Chicago
Chapter 7 — Capital Structure and Membership Interests
John B. Waters, Roetzel & Andress, Chicago
Chapter 8 — Uses for Limited Liability Companies
Chad J. Richter, Mathis, Mariflan & Richter, Ltd, Edwardsville
Chapter 9 — Working with Limited Liability Companies
William A. Price, Growth Law, Warrenville
Chapter 10 — Tax Issues
Natalie M. Perry and Shawn McCullough, Harrison & Held, LLP, Chicago
Chapter 11 — Series Limited Liability Companies
Benjamin T. Davisson, Mathis, Marifian & Richter, Ltd., Belleville
Chapter 12 — Insolvency Implications for the Limited Liability Company and Its Members
Mark A. Carter, Hinshaw & Culbertson LLP, Chicago