Illinois Compiled Statutes 805 ILCS 317/16 – Application of the Limited Liability Company Act
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Terms Used In Illinois Compiled Statutes 805 ILCS 317/16
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
The Limited Liability Company Act applies to limited worker cooperative associations, and they shall enjoy the powers and privileges and be subject to the duties, restrictions, and liabilities of limited liability companies, except where inconsistent with the letter and purpose of this Act. This Act shall take precedence in the event of any conflict with the provisions of the Limited Liability Company Act or other laws.