805 ILCS 180/ Limited Liability Company Act.

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805 ILCS 180/15-15

(805 ILCS 180/15-15)

Sec. 15-15.

Discharge of duties; consideration.

In discharging the duties of their respective positions,
members and individual managers may, in considering the best
long term and short term interests of the limited liability
company, consider the effects of any action (including
without limitation, action that may involve or relate to a
change or potential change in control of the limited
liability company) upon employees, suppliers, and customers of
the limited liability company or its subsidiaries,
communities in which offices or other establishments of the
limited liability company or its subsidiaries are located,
and all other pertinent factors.

(Source: P.A. 87-1062.)

805 ILCS 180/15-20

(805 ILCS 180/15-20)

Sec. 15-20. Actions by members.

(a) A member may maintain an action against a limited liability company, a manager, or
another member for legal or equitable relief, with or without an
accounting as to the company's business, to enforce all of the following:

(1) The member's rights under the operating agreement.

(2) The member's rights under this Act.

(3) The rights and otherwise protect the interests of

the member, including rights and interests arising independently of the member's relationship to the company.

(b) The accrual, and any time limited for the assertion, of a right of
action for a remedy under this Section is governed by other law.  A
right to an accounting upon a dissolution and winding up does not revive a
claim barred by law.

(Source: P.A. 101-553, eff. 1-1-20.)

805 ILCS 180/Art. 20

(805 ILCS 180/Art. 20 heading) Article 20.

Finance

805 ILCS 180/20-1

(805 ILCS 180/20-1)

Sec. 20-1. Form of contribution.

The contribution
of a member may be in cash, property, services rendered, or other benefit, or
a promissory note or other obligation to contribute cash or
property or to perform services.

(Source: P.A. 99-637, eff. 7-1-17.)

805 ILCS 180/20-5

(805 ILCS 180/20-5)

Sec. 20-5. Member's liability for contributions.

(a) (Blank).

(b) (Blank).

(c) A member's obligation to contribute money, property, or other benefit
to, or
to perform services for, a limited liability company is not
excused by the member's death, disability, dissolution, or any other reason.  If a member does not make the required contribution of property
or services, the member is obligated at the option of the company to contribute
money equal to the value of that portion of the required contribution
which has not been made. The foregoing option does not limit the availability of any remedy provided for in the operating agreement or under law, including specific performance.

(d) A creditor of a limited liability company who extends credit or
otherwise acts in reliance on an obligation described in subsection (c),
and
without notice of any compromise under subdivision (4) of subsection (d) of
Section 15-1, may enforce the
original obligation.

(e)  Subject to Sections 1-43  and 15-5, the operating agreement may provide that the interest of any member that fails to make any contribution that the member is required to make will be subject to specified remedies for, or specified consequences of, the failure.  The specified remedies or consequences may include, without limitation:

(1) Loss of voting, approval, or other rights.
(2) Loss of the member's ability to participate in

the management or operations of the limited liability company.

(3) Liquidated damages.
(4) Diluting, reducing, or eliminating the

defaulting member's proportionate interest in the company.

(5) Subordinating the defaulting member's right to

receive distributions to that of the nondefaulting members.

(6) Permitting the forced sale of the defaulting

member's interest in the company.

(7) Permitting one or more nondefaulting members to

lend the amount necessary to meet the defaulting member's commitment.

(8) Adjusting the interest rates or other rates of

return, preferred, priority or otherwise, with respect to contributions by or capital accounts of the nondefaulting members.

(9) Fixing the value of the defaulting member's

interest by appraisal or formula and the redemption or sale of the defaulting member's interest at that value.

(Source: P.A. 99-637, eff. 7-1-17.)

805 ILCS 180/20-10

(805 ILCS 180/20-10)

Sec. 20-10.

(Repealed).

(Source: P.A. 87-1062. Repealed by P.A. 90-424, eff. 1-1-98.)

805 ILCS 180/20-15

(805 ILCS 180/20-15)

Sec. 20-15.

(Repealed).

(Source: P.A. 87-1062. Repealed by P.A. 90-424, eff. 1-1-98.)

805 ILCS 180/Art. 25

(805 ILCS 180/Art. 25 heading) Article 25.

Distributions

805 ILCS 180/25-1

(805 ILCS 180/25-1)

Sec. 25-1.

Interim distributions.

(a) Any distributions made by a limited liability company before its
dissolution and winding up must be in equal shares.

(b) A member has no right to receive, and may not be required to accept, a
distribution in kind.

(Source: P.A. 90-424, eff. 1-1-98.)

805 ILCS 180/25-5

(805 ILCS 180/25-5)

Sec. 25-5.

(Repealed).

(Source: P.A. 87-1062. Repealed by P.A. 90-424, eff. 1-1-98.)

805 ILCS 180/25-10

(805 ILCS 180/25-10)

Sec. 25-10.

(Repealed).

(Source: P.A. 87-1062. Repealed by P.A. 90-424, eff. 1-1-98.)