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Illinois law specifically states that a series of an LLC "shall be treated as a separate entity to the extent set forth in the articles of organization," and then also provides that each series may "in its own name, contract, hold title to assets, grant security interests, sue and be sued and otherwise conduct business and exercise the powers ...
The articles of organization outline the governance of an LLC along with the operating agreement and the corporate statutes in the state where articles of organization are filed. The articles of organization document typically includes the name of the LLC, the type of legal structure (e.g. limited liability company, professional limited ...
The Uniform Limited Liability Company Act (ULLCA), which includes a 2006 revision called the Revised Uniform Limited Liability Company Act, is a uniform act (similar to a model statute), proposed by the National Conference of Commissioners on Uniform State Laws ("NCCUSL") for the governance of limited liability companies (often called LLCs) by U.S. states.
[14] [15] Unlike the traditional LLC, the L3C's articles of organization are required by law to mirror the federal tax standards for program-related investing. [16] A program-related investment (PRI) is one way in which foundations can satisfy their obligation under the Tax Reform Act of 1969 to distribute at least 5% of their assets every year ...
An LLC is a type of unincorporated association, distinct from a corporation. The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. As a business entity, an LLC is often more flexible than a corporation and ...
The statute governing whether an LLLP must register is less inclusive than the statute for out-of-state LLCs. [8] Illinois, though not having an enabling statute, does allow formation of an LLLP under RULPA (Revised Uniform Limited Partnership Act). [9]
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