Illinois Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares

State:
Multi-State
Control #:
US-0688-WG
Format:
Word; 
Rich Text
Instant download

Description

A Limited Liability Company (LLC) is a separate legal entity that can conduct business just like a corporation with many of the advantages of a partnership. It is taxed as a partnership. Its owners are called members and receive income from the LLC just as a partner would. There is no tax on the LLC entity itself. The members are not personally liable for the debts and obligations of the entity like partners would be. Basically, an LLC combines the tax advantages of a partnership with the limited liability feature of a corporation.


An LLC is formed by filing articles of organization with the secretary of state in the same type manner that articles of incorporation are filed. The articles must contain the name, purpose, duration, registered agent, and principle office of the LLC. The name of the LLC must contain the words Limited Liability Company or LLC. An LLC is a separate legal entity like a corporation.


Management of an LLC is vested in its members. An operating agreement is executed by the members and operates much the same way a partnership agreement operates. Profits and losses are shared according to the terms of the operating agreement.

Free preview
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares

How to fill out Sample Limited Liability Company LLC Operating Agreement With Capital Contributions Determining Interest Shares?

You are able to devote several hours on-line searching for the authorized file design that suits the federal and state specifications you need. US Legal Forms supplies 1000s of authorized kinds that are evaluated by experts. You can easily obtain or printing the Illinois Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares from your services.

If you already have a US Legal Forms account, you can log in and then click the Down load switch. Next, you can complete, revise, printing, or indication the Illinois Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares. Every single authorized file design you get is your own property for a long time. To obtain another backup of any purchased develop, visit the My Forms tab and then click the corresponding switch.

Should you use the US Legal Forms website the first time, adhere to the straightforward guidelines listed below:

  • Initially, make certain you have chosen the proper file design for the state/town of your choosing. Read the develop information to ensure you have picked out the appropriate develop. If readily available, take advantage of the Preview switch to appear through the file design as well.
  • In order to find another version in the develop, take advantage of the Search area to discover the design that meets your requirements and specifications.
  • After you have found the design you need, click on Purchase now to proceed.
  • Select the prices strategy you need, type in your accreditations, and register for an account on US Legal Forms.
  • Comprehensive the purchase. You may use your charge card or PayPal account to pay for the authorized develop.
  • Select the formatting in the file and obtain it for your gadget.
  • Make alterations for your file if necessary. You are able to complete, revise and indication and printing Illinois Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares.

Down load and printing 1000s of file web templates using the US Legal Forms web site, that provides the biggest variety of authorized kinds. Use expert and express-particular web templates to deal with your business or individual requirements.

Form popularity

FAQ

A professional LLC (PLLC) is designed for licensed professionals, such as doctors or lawyers, and allows them to take advantage of limited liability while complying with specific regulations. In contrast, a standard LLC can be formed by anyone for various business purposes without the same professional requirements. Using an Illinois Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares helps ensure compliance regardless of the LLC type you choose.

Contributed capital is reported in the shareholder's equity section of the balance sheet and usually split into two different accounts: common stock and additional paid-in capital account.

The state of Illinois doesn't require LLCs to have an LLC operating agreement, but it's highly recommended. The operating agreement is a legally binding document that breaks down the management structure of the LLC and each owner's duties and profit share.

Capital is defined as the cash or assets in an LLC (or any type of entity for that matter). Capital can include cash, accounts receivable, equipment, and even physical property. Naturally, putting the words together, a capital contribution is a member's contribution of assets, usually cash, into the LLC.

Accounting for LLC Capital ContributionsThe primary use of a capital account is to record the value of the member's percentage of ownership; if the LLC were to be dissolved, the amount in each member's capital account should reflect the amount that member would receive after all debts have been paid.

An Illinois LLC operating agreement is a legal document used to set forth an outline of the company's operational procedures and policies for all members to follow in a uniform fashion. The State of Illinois does not require companies to file this document.

What should an LLC operating agreement include?Basic company information.Member and manager information.Additional provisions.Protect your LLC status.Customize the division of business profits.Prevent conflicts among owners.Customize your governing rules.Clarify the business's future.

You do not enter capital contributed to an LLC on your individual income tax return. That amount is an investment, not a current year expense.

All LLC's should have an operating agreement, a document that describes the operations of the LLC and sets forth the agreements between the members (owners) of the business. An operating agreement is similar to the bylaws that guide a corporation's board of directors and a partnership agreement.

What does an LLC capital contribution agreement include?Name of each member making a contribution.The valuation of previous membership interests.Each member's previous percentage of LLC ownership.The date contributions are being made.The LLC name.The LLC date and state of formation.Each member's new contributions.More items...

Trusted and secure by over 3 million people of the world’s leading companies

Illinois Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares