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
    
and employees.
        (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.

Terms Used In Illinois Compiled Statutes 805 ILCS 180/1-30

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Legacy: A gift of property made by will.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Personal property: All property that is not real property.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
  • United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC
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