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Terms Used In Illinois Compiled Statutes 805 ILCS 185/10

  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
     The Limited Liability Company Act, as now or hereafter amended, shall be applicable to professional limited liability companies, and they shall enjoy the powers and privileges and be subject to the duties, restrictions, and liabilities of other limited liability companies, except where inconsistent with the letter and purpose of this Act. This Act shall take precedence in the event of any conflict with the provisions of the Limited Liability Company Act or other laws.