Illinois § 35-7

Illinois Statutes

§ 35-7

Illinois § 35-7

JurisdictionIllinois

TopicBUSINESS AND EMPLOYMENT

Ch. 805BUSINESS ORGANIZATIONS

Act 805 ILCS 180/Limited Liability Company Act.

Art.Article 35 - Dissolution And Dissociation

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Bluebook

805 Ill. Comp. Stat. 35-7 (2026).

Text

Member or manager's power and liability as agent after dissolution.

(a)A limited liability company is bound by a member or manager's act after dissolution that:

(1)is appropriate for winding up the company's business; or (2) would have bound the company before dissolution, if the other party to the transaction did not have notice of the dissolution.

(b)A member or manager who, with knowledge of the dissolution, subjects a limited liability company to liability by an act that is not appropriate for winding up the company's business is liable to the company for any damage caused to the company arising from the liability.

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Member or manager's power and liability as agent after dissolution. (a) A limited liability company is bound by a member or manager's act after dissolution that: (1) is appropriate for winding up the company's business; or (2) would have bound the company before dissolution, if the other party to the transaction did not have notice of the dissolution. (b) A member or manager who, with knowledge of the dissolution, subjects a limited liability company to liability by an act that is not appropriate for winding up the company's business is liable to the company for any damage caused to the company arising from the liability.