Illinois Compiled Statutes
ILCS Listing
Public
Acts Search
Guide
Disclaimer
Information maintained by the Legislative
Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
805 ILCS 180/1-30
(805 ILCS 180/1-30)
Sec. 1-30. Powers. Each limited liability company
organized and existing under this Act may do all of the
following:
(1) Sue and be sued, complain and defend, and | | participate in administrative or other proceedings, in its name.
|
|
(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 mandatory.
|
|
(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 assets.
|
|
(5) Lend money to and otherwise assist its members
| |
(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, or individuals.
|
|
(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 this Act.
|
|
(10) Designate managers and appoint officers and
| | other agents of the limited liability company, define their duties, and fix their compensation.
|
|
(11) Enter into or amend an operating agreement, 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. 99-637, eff. 7-1-17.)
|
|
