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
Burton Padove Indiana and Illinois Lawyer, Burton A. Padove

Delaware, Illinois, whatever is provided for in your bylaws and the law of any state that you do business in.

Read more
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.

Read more
Answered on 10/09/09, 6:26 pm


Related Questions & Answers

More Business Law questions and answers in Illinois