Illinois LLC Operating Agreement

The Illinois LLC operating agreement describes the status and powers of company members and how the company conducts business. This contract acts as a blueprint for company procedures and constitution governing member interactions.

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Last updated September 15th, 2026

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The Illinois LLC operating agreement describes the status and powers of company members and how the company conducts business. This contract acts as a blueprint for company procedures and constitution governing member interactions.

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Is it Required in Illinois?

No. Illinois makes no legal requirement on LLCs to adopt an operating agreement; however, this contract can be instrumental in certain functions, such as opening an account with a financial institution. (805 ILCS 180/15-5)

By Type (2)

 Single-Member LLC Operating Agreement – For a company with one member.

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Multi-Member LLC Operating Agreement – For a company with two or more members.

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State Definition

“Operating agreement” means the recorded (verbal, written) and acknowledged contract between LLC members and their company;

805 ILCS 180

Sample

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