Sec. 5-5. Articles of organization.

476 words·~2 min read·/il/chapter-805/act-180/5-5

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The articles of organization shall set forth all of the following:

(1)The name of the limited liability company and the address of its principal place of

business which may, but need not be a place of business in this State.

(2)The purposes for which the limited liability company is organized, which may be

stated to be, or to include, the transaction of any or all lawful businesses for which limited liability companies may be organized under this Act.

(3)The name of its registered agent and the address of its registered office.

(4)A confirmation that the limited liability company complies with the requirement in

subsection

(b)of Section 5-1 that the company has one or more members at the time of filing or, if the filing is to be effective on a later date, that the company will have one or more members on the date the filing is to be effective.

(5)The name and business address of all of the managers and any member having the

authority of a manager.

(5.5) The duration of the limited liability company, which shall be perpetual unless

otherwise stated.

(6)(Blank).

(7)The name and address of each organizer.

(8)Any other provision, not inconsistent with law, that the members elect to set out in

the articles of organization for the regulation of the internal affairs of the limited liability company, including any provisions that, under this Act, are required or permitted to be set out in the operating agreement of the limited liability company.

(b)A limited liability company is organized at the time articles of organization are filed by the Secretary of State or at any later time, not more than 60 days after the filing of the articles of organization, specified in the articles of organization.

(c)Articles of organization for the organization of a limited liability company for the purpose of accepting and executing trusts shall not be filed by the Secretary of State until there is delivered to him or her a statement executed by the Secretary of Financial and Professional Regulation or successor State board, department, or agency having jurisdiction over the regulation of trust companies that the organizers of the limited liability company have made arrangements with the Secretary of Financial and Professional Regulation or successor State board, department, or agency having jurisdiction over the regulation of trust companies to comply with the Corporate Fiduciary Act.

(d)Articles of organization for the organization of a limited liability company as a bank or a savings bank must be filed with the Secretary of Financial and Professional Regulation or successor State board, department, or agency having jurisdiction over the regulation of banks or savings banks or, if the bank or savings bank will be organized under federal law, with the appropriate federal banking regulator.