Illinois Compiled Statutes 805 ILCS 180/1-65 – Governing law
Current as of: 2024 | Check for updates
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The law of this State governs:
(1) the internal affairs and organization of a
(1) the internal affairs and organization of a
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limited liability company;
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(2) the liability of a member as member and a
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manager as manager for the debts, obligations, or other liabilities of a limited liability company;
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(3) the internal affairs and establishment of a
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series of a limited liability company;
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(4) the liability of a member or a manager
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associated with a series for the debts, obligations, or other liabilities of the series; and
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(5) the liability of a series for the debts,
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obligations, or other liabilities of the limited liability company that established the series or for another series established by the limited liability company, and the liability of the limited liability company for the debts, obligations, or other liabilities of a series established by the limited liability company.
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Terms Used In Illinois Compiled Statutes 805 ILCS 180/1-65
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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