The Limited Liability Company Act allows an LLC to be created for any lawful purpose, other than insurance. 805 ILCS 180/1-25. An LLC may be designated as a “low-profit” limited liability company if it serves a charitable or educational purpose. 805 ILCS 180/1-26.
The Act grants LLCs several powers, including but not limited to:
- The right to sue and be sued;
- The right to purchase, gift, be gifted, or otherwise deal with in real or personal property;
- Lend money to its members or employees;
- Borrow money and incur liabilities;
- Invest surplus funds;
- Conduct business within and outside Illinois;
- Partner with other corporations;
- Enter into an operating agreement;
- Donate to charitable organizations;
- Unreasonably restrict rights to information or access to records
- Alter the right to expel a member in specific circumstances
- Alter the requirement to wind up in the LLC’s business in specified circumstances
- Restrict certain distributional interests
- Eliminate or reduce certain responsibilities
- Etc.
