Illinois LLC Record Keeping Requirements

Texas enacted its first LLC statute in 1993. The statute is referred to as the Illinois Limited Liability Company Act. Significant revisions were made which came in effect starting in January 1, 1998. The statute can be found at 805 ILCS 180. A link to the Act is here.

The record keeping requirements for LLCs is found at 805 ILCS 180/1-40. It requires that certain specific documents must be kept. Additionally the ILLC Act at 805 ILCS 180/10-15 provides that a member should be allowed "access for proper purposes to records pertaining to the period during which they were members."

Best Practices for Record Keeping for an Illinois LLC

The following records should be kept by any Illinois LLC.

Other LLC Business-Related Information
Under 805 ILCS 180/10-15 (a) a member should be allowed "records . . . for proper purposes . . . pertaining to the period during which they were members". Just what records are proper obviously depends on the circumstances.

Location of Records
The above documents and records should be available at the principal business office maintained by the LLC within the United States, not necessarily in Texas. (TBOC Sec. 101-501 (c) A limited liability company shall keep at its registered office located in this state and make available to a member of the company on reasonable request the street address of the company's principal office in the United States in which the records required by this section and Section 3.151 are maintained or made available.")

Form of Records
The documents and records may be maintained either in hard copy or electronically, as long as the electronic version can be printed within a reasonable period of time. (TBOC Sec. 3.151(b) "The books, records, minutes, and ownership or membership records of any filing entity, including those described in Subsection (a)(4), may be in written paper form or another form capable of being converted into written paper form within a reasonable time.")

Other Records
The above records are just the documents and records that are required to be kept as to the form of business. Many other records, for example records required to prepare tax returns, records required to be kept on employees, etc., are also required to be kept by an LLC, just as they are required for businesses operating in other forms.

The After Incorporation Tools
After Incorporation's tools are specifically designed to aid companies to comply with these requirements. Using our tools, your records are not only organized properly, but they can easily be made available to your Members and others required to be given access under these laws. You will also find the forms and templates you need to create the documentation to meet these requirements.