Legal Question in Business Law in Illinois
I have a delaware LLC. we never executed an operating agreement, what laws is the LLC under? My partner assumes 50%, but i'm not sure where he is coming up with that
Asked on 10/04/09, 2:07 pm
2 Answers from Attorneys
Delaware, Illinois, whatever is provided for in your bylaws and the law of any state that you do business in.
Answered on 10/09/09, 4:59 pm
David K. Staub
Staub Anderson LLC
If you have a Delaware LLC, your rights and obligations with respect to the LLC are governed by the Delaware LLC law. If you have an operating agreement, the operating agreement can fill in the gaps and even override many of the general provisions of the Delaware LLC law, but Delaware will still be the governing law when it comes to interpreting your rights and obligations as members of the LLC.
Answered on 10/09/09, 6:26 pm
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