(805 ILCS 180/1-30)
Each limited liability company
organized and existing under this Act may do all of the
(1) Sue and be sued, complain and defend, and
participate in administrative or other proceedings, in its
(2) Have a seal, which may be altered at pleasure, and
use the same by causing it, or a facsimile thereof, to be
impressed or affixed or in any other manner reproduced,
provided that the affixing of a seal to an instrument shall
not give the instrument additional force or effect, or change
the construction thereof, and the use of a seal is not
(3) Purchase, take, receive, lease as lessee, take by
gift, legacy, or otherwise acquire, own, hold, use, and
otherwise deal in and with any real or personal property, or
any interest therein, wherever situated.
(4) Sell, convey, mortgage, pledge, lease as lessor,
and otherwise dispose of all or any part of its property and
(5) Lend money to and otherwise assist its members and
(6) Purchase, take, receive, subscribe for or otherwise
acquire, own, hold, vote, use, employ, sell, mortgage, loan,
pledge, or otherwise dispose of, and otherwise use and deal
in and with, shares or other interests in or obligations of
other limited liability companies, domestic or foreign
corporations, associations, general or limited partnerships,
(7) Incur liabilities, borrow money for its proper
purposes at any rate of interest the limited liability
company may determine without regard to the restrictions of
any usury law of this State, issue notes, bonds, and other
obligations, secure any of its obligations by mortgage or
pledge or deed of trust of all or any part of its property,
franchises, and income, and make contracts, including
contracts of guaranty and suretyship.
(8) Invest its surplus funds from time to time, lend
money for its proper purposes, and take and hold real and
personal property as security for the payment of funds so
loaned or invested.
(9) Conduct its business, carry on its operations,
have offices within and without this State, and exercise in
any other state, territory, district, or possession of the
United States or in any foreign country the powers granted by
(10) Elect managers and appoint agents of the limited
liability company, define their duties, and fix their
(11) Enter into or amend an operating
not inconsistent with
the laws of this State, for the administration and regulation
of the affairs of the limited liability company.
(12) Make donations for the public welfare or for
charitable, scientific, religious, or educational purposes,
lend money to the government, and transact
any lawful business in aid of the United States.
(13) Establish deferred compensation plans, pension
plans, profit-sharing plans, bonus plans, option plans, and
other incentive plans for its managers and employees and make
the payments provided for therein.
(14) Become a promoter, partner, member, associate, or
manager of any general partnership, limited partnership,
joint venture or similar association, any other limited
liability company, or other enterprise.
(15) Have and exercise all powers necessary or
convenient to effect any or all of the purposes for which the
limited liability company is organized.
(Source: P.A. 90-424, eff. 1-1-98.)