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As most business law practitioners are aware at this point, the Illinois Limited Liability Act has been amended by HB 4361 and the amendments were effective July 1, 2017. The amendments to the Limited Liability Company Act include numerous provisions regarding member managed companies. This article will address some of the concerns regarding the amendments as they relate to member managed Limited Liability Companies ("LLC").

The Amended Limited Liability Company Act ("ALLC") institutes major changes to the "statutory apparent authority" previously granted to member managed ...