State of Illinois
92nd General Assembly
Legislation

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[ Introduced ][ Enrolled ][ Senate Amendment 001 ]

92_SB0133eng

 
SB133 Engrossed                               LRB9201549RCdvB

 1        AN ACT in relation to limited liability companies.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section  5.  The Limited Liability Company Act is amended
 5    by changing Section 1-25 as follows:

 6        (805 ILCS 180/1-25)
 7        Sec. 1-25.   Nature  of  business.  A  limited  liability
 8    company  may  be  formed  for  any lawful purpose or business
 9    except:
10             (1)  banking, exclusive of fiduciaries organized for
11        the purpose of accepting and executing trusts;
12             (2)  insurance unless, for the purpose  of  carrying
13        on business as a member of a group including incorporated
14        and  individual unincorporated underwriters, the Director
15        of Insurance finds that the group meets the  requirements
16        of subsection (3) of Section 86 of the Illinois Insurance
17        Code  and the limited liability company, if insolvent, is
18        subject to liquidation by the Director of Insurance under
19        Article XIII of the Illinois Insurance Code;
20             (3)  the  practice  of  dentistry  unless  all   the
21        members  and  managers are licensed as dentists under the
22        Illinois Dental Practice Act; or
23             (4)  the  practice  of  medicine  unless   all   the
24        managers, if any, are licensed to practice medicine under
25        the Medical Practice Act of 1987 and any of the following
26        conditions apply:
27                  (A)  all the member or members and managers are
28             licensed  to  practice  medicine  under  the Medical
29             Practice Act of 1987; or.
30                  (B)  the member or  members  are  a  registered
31             medical   corporation   or   corporations  organized
 
SB133 Engrossed             -2-               LRB9201549RCdvB
 1             pursuant to the Medical Corporation Act; or
 2                  (C)  the member or members are  a  professional
 3             corporation  organized  pursuant to the Professional
 4             Service Corporation Act of  physicians  licensed  to
 5             practice medicine in all its branches; or
 6                  (D)  the   member  or  members  are  a  medical
 7    limited liability company or companies.
 8    (Source: P.A. 90-424, eff. 1-1-98; 91-593, eff. 8-14-99.)

 9        Section 99.  Effective date.  This Act takes effect  upon
10    becoming law.

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