Member-managed LLCs Under Illinois Amended Limited Liability Company Act Effective July 1, 2017

The Illinois Amended Limited Liability Company Act, effective July 1, 2017, changes member-managed LLCs, particularly regarding “statutory apparent authority.” Membership alone no longer grants authority, improving management transparency. With new disclosure requirements and options to limit authority through operating agreements, understanding these amendments is crucial for LLC members. Learn how these changes can impact your business.