Subject Index Limited Liability Companies

Amendments to the Limited Liability Company Act provide that LLCs are member-managed unless their operating agreement specifies otherwise, and amendments clarify provisions regarding the duty to allow members to inspect and copy records.

On December 20, 2013, the Illinois First District Appellate Court, as a matter of first impression, held that the sole member of a limited liability company (LLC) that sold a condominium unit was not personally liable for alleged frauds committed by that LLC.

State lawmakers recently allowed for the creation of Low-Profit Limited Liability Companies (called L3Cs) for groups advancing educational or charitable purposes.

Part 178 of Title 14, known as the Limited Liability Company Act, has been amended by the Secretary of State in two pertinent parts, effective November 28, 2005.

The Secretary of State has amended Part 171 of Title 14, 14 Ill Adm Code 171, also known as the Uniform Limited Partnership Act. 

Effective August 16, 2005, the Limited Liability Company Act (805 ILCS 180) (Act) is revised by altering section 50-10 and adding section 37-40.