As of July 1, 2017, Pub. Act 099-0637 became effective amending 805 ILCS 180 et seq.
What does that mean? It means that now all LLCs are member managed unless the operating agreement specifically states otherwise. The operating agreement must also express provide that an LLC will be manager-managed, or that the management of the company is vested in managers.
This amendment now allows all members to request records and other extensive changes governing laws for LLC’s.
So it is likely that your operating agreement needs to be amended for these changes. So we recommend that you contact your attorney to assist with the modifications. If you need an attorney reference please call our offices for a recommendation.