Maintaining Corporate Records
What Records Must Be Kept by Illinois LLCs?
The record keeping requirements for Illinois limited liability companies are addressed in the State’s Limited Liability Company Act (805 ILCS 180/). Generally speaking, to maintain best practices, some of the records Illinois LLCs should keep include:
Entity Formation and Organization Records
- A copy of the LLC’s Articles of Organization and all amendments
- A copy of any then effective operating agreements
State Correspondence and Filings
- Any documents filed with, or received from, the State concerning the LLC
- A copy of all federal, state, and local income tax returns and reports, along with a copy of any financial statements, from the three (3) most recent years
Material Related to LLC Operations
- A copy of the minutes of each meeting (if any) of members and any written consents obtained
- Any documents discussing the amount of capital contributions of each member (whether in cash or agreed value of other property or services contributed)
- Any documents discussing the details of future contributions to be made by members, if any
- Any documents discussing: (a) the share of profits and losses due to each member, (b) the right of any member to receive distributions of funds, or (c) each member’s respective voting rights
- Any documents discussing the right of a manager to make distributions of funds to a member
- Any documents discussing the circumstances that would cause the LLC to be dissolved
Records of Members and Managers
- A list of the full names and last known addresses of all past and present members and managers
Note: The list of records above is not intended to be an exhaustive one. These are just some of the documents that are generally required to be kept by LLCs as to the form of business. Other material, such as documents used in the preparation of tax returns and records required to be kept on employees, for example, may also be required to be kept by limited liability companies—just as they may be required for businesses operating as other types of entities.
Contact The Castle Law Firm
At The Castle Law Firm, we advise many of our business clients on best practices for corporate record keeping. Whether your enterprise is big or small, Attorney Rob Castle can assist you with implementing the most efficient procedures to maintain the required documents, including board minutes, annual reports, resolutions, registrations, and financial records—to ensure that you fulfill your obligations under applicable state law. Contact the firm online or call (312) 889-8702 to schedule a free consultation today.