Illinois 805 ILCS 180/ Limited Liability Company Act.
Article 13 - Relations Of Members And Managers To Persons Dealing With Limited Liability CompanyCode Resources
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(805 ILCS 180/13‑5)
Sec. 13‑5.
Agency of members and managers.
(a) Subject to subsections (b) and (c):
(1) Each member is an agent of the limited liability | ||
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(2) An act of a member that is not apparently for | ||
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(b) Subject to subsection (c), in a manager‑managed company:
(1) A member is not an agent of the company for the | ||
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(2) An act of a manager which is not apparently for | ||
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(c) Unless the articles of organization limit their authority, any member of
a member‑managed company or manager of a manager‑managed
company may sign and deliver any instrument transferring or affecting the
company's interest in real property. The instrument is conclusive in favor
of a person who gives value without knowledge of the lack of the authority of
the person signing and delivering the instrument.
(Source: P.A. 90‑424, eff. 1‑1‑98.)
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(805 ILCS 180/13‑10)
Sec. 13‑10.
Limited liability company liable for member or manager's
actionable conduct.
A limited liability company is liable
for loss or injury caused to a person, or for a penalty incurred, as a result
of a wrongful act or omission, or other actionable conduct, of a member
or manager acting in the ordinary course of business of the company or with
authority of the company.
(Source: P.A. 90‑424, eff. 1‑1‑98.)
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