LLC Operating Agreement · Illinois
Illinois Multi-Member LLC Operating Agreement (2026)
For an LLC with two or more owners: percentages, voting, major decisions, transfers, buyout and dispute resolution. Not required: the agreement may be oral, written or implied, even for a single member (805 ILCS 180/15-5).
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Illinois LLC operating agreement: key facts
- Is a written operating agreement required?
- Not required: the agreement may be oral, written or implied, even for a single member (805 ILCS 180/15-5).
- State LLC law
- Illinois Limited Liability Company Act (805 ILCS 180)
- Default rules
- Member-managed by default, each member with equal management rights; the agreement cannot eliminate the implied duty of good faith.
- Filed with the state?
- No. The operating agreement is an internal document kept with the company records.
Official sources: 805 ILCS 180/15-5 · Last reviewed: October 2026
Frequently asked questions
- Is an operating agreement required in Illinois?
- Not required: the agreement may be oral, written or implied, even for a single member (805 ILCS 180/15-5).
- Do I need one if I am the only member?
- It is strongly recommended: it helps show the LLC is separate from you, which protects your limited liability, and banks often ask for it.
- Is the operating agreement filed with the state?
- No. The operating agreement is an internal document kept with the company records.
- Do you ask for Social Security numbers?
- No. The EIN is optional and we never ask for an SSN or bank account number.
- Can I get it in Spanish?
- Yes. You sign the English agreement and also receive a Spanish reference translation and Spanish instructions.
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