Section 1450.85  Corporations, Limited Liability Companies, Partnerships, and Limited Partnerships

a)         Persons who desire to practice real estate in this State in the form of a corporation, limited liability company, or partnership shall, in accordance with Section 5-15 of the Act, file an application with the Division, on forms provided by the Division, together with the following:

1)         If an assumed name is to be used, a copy of the assumed name certificate;

2)         A Federal Employer Identification Number (FEIN). If a FEIN has not been issued, a photocopy of the FEIN application;

3)         A properly completed Consent to Examine and Audit Special Accounts form;

4)         A properly completed real estate corporation/limited liability company/partnership information form;

5)         The fee as provided by Section 1450.95 of this Subpart.

b)         All requirements for a license to practice as a corporation, limited liability company or partnership shall be met within 1 year after the date of original application or the application shall be denied and the fee forfeited. Thereafter, to be considered for licensure, the applicant shall file a new application and fee.

c)         Corporations, in addition to the items listed in subsection (a) of this Section, shall submit the following:

1)         The name of the corporation and its registered address, a list of all officers, and the license number for each officer who is licensed as a real estate broker;

2)         A copy of the Articles of Incorporation bearing the seal of the office, in the jurisdiction in which the corporation is organized, whose duty it is to register corporations under the laws of that jurisdiction. If it is a foreign corporation, a copy of the certificate of authority to transact business in this State is also required;

3)         All unlicensed officers shall submit affidavits of non-participation with the corporation application. Licensed salespersons shall not be officers of the corporation even if they submit an affidavit of non-participation; and

4)         A list of all shareholders, the number of shares of the corporation owned and the license number for each shareholder who is a licensee.

d)         Limited Liability Companies

1)         Limited liability companies, in addition to the items listed in subsection (a), shall submit the following:

A)        The name of the limited liability company and its registered address, a list of all members, and the license number for each member who has an Illinois real estate license. If a member of the limited liability company is a business entity, the applicant shall identify any licensees who are owners, officers, managers, or partners of the business entity;

B)        A list of all managers and their broker license numbers;

C)        A copy of the Articles of Organization filed with the Secretary of State or, if it is a foreign limited liability company, a copy of the application for admission endorsed by the Secretary of State.

2)         All unlicensed members shall submit with the limited liability company application affidavits of non-participation. Licensed salespersons shall not be managers of the limited liability company even if they submit an affidavit of non-participation.

e)         Partnerships, in addition to the items listed in subsection (a), shall submit the following:

1)         An application containing the name of the partnership and its business address and the names of all general partners, and the broker license number of each general partner. Licensed salespersons shall not be general partners.

2)         An affidavit stating that the partnership has been legally formed.

f)          Limited partnerships, in addition to the items listed in subsection (a), shall submit the following:

1)         A letter of authority from the Secretary of State's Limited Partnership Department or, if it is a foreign limited partnership, a copy of the application for admission endorsed by the Secretary of State;

2)         A listing of all general partners and, if any general partner is a real estate licensee, the broker license number for each licensed general partner;

3)         All unlicensed general partners must submit with the partnership application affidavits of non-participation; and

4)         If the general partner is an entity, the identity and license number of any brokerage licenses who are owners, managers, members or partners of the entity.

g)         In assessing the restrictions against a salesperson or leasing agent, or group of salespersons or leasing agents, owning, or directly or indirectly controlling, more than 49% of a corporation, limited liability company, or partnership, pursuant to Section 5-15(e) of the Act the following may be considered:

1)         For corporations: the Division may consider the role of any salespersons or leasing agents in any limited liability company or partnership that may have an interest in the corporation.

2)         Limited liability companies: the Division may consider the role of any salespersons or leasing agents in any corporation or partnership that may serve as a member or manager of the limited liability company.

3)         Partnerships: the Division may consider the role of any salespersons or leasing agents in any corporation or limited liability company that may serve as a limited partner. Additional information may be requested by the Division as necessary to determine compliance with this restriction.

h)         Upon receipt of the above documents and review of the application, the Division shall issue a license authorizing the corporation, limited liability company, or partnership to engage in the practice of real estate or shall notify the applicant of the reason for the denial of the license.

(Source:  Amended at 30 Ill. Reg. 11075, effective June 8, 2006)