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It specifies company details, principal place of business, formation date, and member capital contribution limitations, including restrictions on withdrawing or reducing capital. The agreement sets member-managed management rules, voting standards for major decisions, and outlines limits on member liability. 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COMPANY DETAILS.  \nThis Limited Liability Company Operating Agreement (“Agreement”), entered into on   (mm/dd/yyyy), is a: (check one)  \n☐ -Single-Member LLC , entered into by   , being the sole owner with a mailing address of    \n☐ -Multi-Member LLC , entered into by and between   (\\#) Members known as:  \nMember \\#1:   , with ownership of   % of the  \nCompany, and a mailing address of    \nMember \\#2:   , with ownership of   % of the  \nCompany, and a mailing address of    \nMember \\#3:   , with ownership of   % of the  \nCompany, and a mailing address of    \nMember \\#4:   , with ownership of   % of the  \nCompany, and a mailing address of  (the “Member” or “Members” or “Member(s)”)  \nWHEREAS the Member(s) desire to create a limited liability company under the laws of the State of Illinois and set forth the terms herein of the Company’s operation and the relationships of any and all Members.  \nNOW, THEREFORE, in consideration of the mutual covenants set forth herein and other valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the Member(s) and the Company agree as follows:  \n2. NAME AND PRINCIPAL PLACE OF BUSINESS.  \nThe name of the Company (the “Company”) shall be   , LLC with a principal place of business located at    or at any other such place of business that the Member(s) shall determine.  \n3. FORMATION.  \nThe Company was formed on   (mm/dd/yyyy) , when the Member(s) filed the Articles of Organization with the office of the Secretary of State pursuant to the statutes governing limited liability companies in the state of Illinois (the “Statutes”) .  \n4. MEMBER(S) CAPITAL CONTRIBUTIONS.  \na) Single-Member Capital Contributions (Applies ONLY if Single-Member): The Member may make such capital contributions (each a “Capital Contribution”) in such amounts and at such times as the Member shall determine. The Member shall not be obligated to make any Capital Contributions. The Member may take distributions of the capital from time to time in accordance with the limitations imposed by the Statutes.  \nb) Multi-Member (Applies ONLY if Multi-Member): The Members have contributed the following capital amounts to the Company as set forth below and are not obligated to make any additional capital contributions:  \nMember \\#1:   , with a capital contribution of:  \n.  \n\n| Member \\#2:   |   , with | a capital contribution | of:\u003Cbr>. |\n| --- | --- | --- | --- |\n| Member \\#3:   |   , with | a capital contribution | of:\u003Cbr>. |\n| Member \\#4:   |   , with | a capital contribution | of:\u003Cbr>. |\n\nMembers shall have no right to withdraw or reduce their contributions to the capital of the Company until the Company has been terminated unless otherwise set forth herein. Members shall have no right to demand and receive any distribution from the Company in any form other than cash, and Members shall not be entitled to interest on their capital contributions to the Company.  \nThe liability of any Members for the losses, debts, liabilities, and obligations of the Company shall be limited to the amount of the capital contribution of the Members plus any distributions paid to such Members, such Members' share of any undistributed assets of the Company , and (only to the extent as might be required by applicable law) any amounts previously distributed to such Members by the Company.  \n5. MANAGEMENT OF THE COMPANY.  \nThe Company's business and affairs shall be conducted and managed by the Member(s) in accordance with this Agreement and the laws of the state of Illinois.  \na) Single-Member (Applies ONLY if Single-Member): The Member of the Company has sole authority and power to act for or on behalf of the Company, to do any act that would be binding on the Company or incur any expenditures on behalf of the Company. The Member shall not be liable for the debts, obligations, or liabilities of the Company,  \nincluding under a judgment, decree, or order of a court. ","cbCaibQ6Qmf8CdjG","https://ap.wps.com/l/cbCaibQ6Qmf8CdjG","pdf",1117575,"English","# Company Details\n# Name and Principal Place of Business\n# Formation\n# Member(s) Capital Contributions\n# Management of the Company\n# Distributions","[{\"question\":\"What information does the agreement require for company details and formation?\",\"answer\":\"It requires the agreement entry date, the LLC name and principal place of business, and the formation date when the Articles of Organization were filed with the Illinois Secretary of State.\"},{\"question\":\"How do member capital contributions work for a multi-member LLC?\",\"answer\":\"Members contribute specified capital amounts and are not obligated to make additional contributions. Members generally cannot withdraw or reduce contributions until the company is terminated unless the agreement states otherwise.\"},{\"question\":\"How are management decisions made under the multi-member section?\",\"answer\":\"Management and determinations are made by the affirmative vote or consent of members holding a majority of members’ percentage interests, with unanimous prior written consent required for major fundamental actions such as transferring substantially all assets or major structural changes.\"}]","Illinois Multi-Member LLC Operating Agreement - Limited Liability Company Operating Agreement | PDF",1789585880]