Legal Question in Business Law in Illinois

Re: Laws regarding LLC's and their principals

We are in receipt of your e-mail of 08/08/03. Unfortunately, our caseload at this time is such that we would be unable to devote the attention to your matter that it deserves. We do, however, appreciate your interest in our firm.

Re: Laws regarding LLC's and their principals

All meeting and voting requirements are included in ��15-1(d) and 15-1(e) of the LLCA. Any action requiring the consent of members or managers may be taken with or without a meeting, and members or managers may vote individually or by proxy. 805 ILCS 5/15-1(d). If members of an LLC want to adopt more formal �corporate-type� governance provisions, they are free to do so in their operating agreement, but none of the rules that are typically required in corporations (e.g., quorum requirements, notice, excess) is imposed on LLCs under the default rules of LLCA. Accordingly, a lawyer would need to review the operating agreement for your investment in order to tell you what rights, if any, you may have to attend meetings.

Our comments are based on the question you asked, and your question is being treated by us as a hypothetical. Accordingly, our comments could be substantially and materially different were we advised of all of the relevant facts and circumstances. Our comments are by necessity general in nature, and should not be relied upon in taking or forgoing action in your circumstances without retaining an attorney. In order to fully explore your legal matter, you should meet with us or another attorney and bring to any such meeting all relevant documents and correspondence, and any other relevant facts.

We are not hired to be your attorney, and no attorney-client relationship exists between us, unless and until you enter into a written retainer agreement with us, tender the agreed amount for a retainer and it is accepted by us. We reserve the right to decline representation should circumstances change.

As you are aware, in Illinois there are various deadlines for filing a complaint, filing an answer to a complaint, or taking other action in order to preserve your legal rights, and avoid a complete loss of those rights. You should retain counsel immediately in order to be fully advised of your rights, and to be fully informed of the applicable time period within which those rights must be asserted. If you were to delay in doing so, it might result in your potential cause of action being forever barred.