We present an exact treatment of layered many-body electronic systems in the presence of interlayer coupling within the Schwinger functional derivative approach on the Keldysh contour. Our transparent approach allows us to clarify the definition of interlayer coupling by showing the independent roles hybridization and interactions play in generating new electronic and magnetic excitations. We find interlayer coupling to induce a variety of plasmons, magnons, and excitons, residing within the a layer, traversing between layers, or propagating along the interface. Moreover, we predict interfacial excitations, including an electron-hole pairing pathway, facilitated by previously ignored layer nonconserving interactions. Finally, we briefly explore the consequence of interlayer coupling on a bilayer square lattice system.

18 pages, 12 figures