ILLINOIS LLC ACT

By , January 25, 2018 12:47 pm

Below are the citation and first paragraph of a law journal article about real estate transactions under the new Illinois LLC Act.  The concepts in the article are likely to be important not only in Illinois but also in many other states.

30 DCBA Brief 20
DCBA Brief
December, 2017
Article
Article Editor Brian Dougherty
Ken Clingen, Tom Sisul
Copyright © 2017 by DCBA; Ken Clingen, Tom Sisul

MEMBER AND MANAGER AUTHORITY AFTER THE 2017 ILLINOIS LIMITED LIABILITY COMPANY ACT AND ITS EFFECT ON REAL ESTATE TRANSACTIONS

Illinois substantially amended its Limited Liability Act effective July 1, 2017. A recent DCBA Brief article summarized the major changes wrought by the 2017 Act. This article adopts a narrower focus by exploring the ways in which the 2017 Act changed the prior “member managed and “manager managed” regime and how that affects the authority of LLC members and managers to act on behalf of the LLC, particularly with respect to real estate transactions. We also include insight from Richard Bales of Chicago Title on how these changes affect real estate title and diligence issues.

 

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