093_SB1506ham001











                                     LRB093 03499 DRJ 15233 a

 1                    AMENDMENT TO SENATE BILL 1506

 2        AMENDMENT NO.     .  Amend Senate Bill 1506 on  page  58,
 3    line 31, after "1-20,", by inserting "1-25, 5-1,"; and

 4    on page 65, after line 21, by inserting the following:

 5        "(805 ILCS 180/1-25)
 6        Sec.  1-25.   Nature  of  business.  A  limited liability
 7    company may be formed for  any  lawful  purpose  or  business
 8    except:
 9             (1)  banking, exclusive of fiduciaries organized for
10        the purpose of accepting and executing trusts;
11             (2)  insurance  unless,  for the purpose of carrying
12        on business as a member of a group including incorporated
13        and individual unincorporated underwriters, the  Director
14        of  Insurance finds that the group meets the requirements
15        of subsection (3) of Section 86 of the Illinois Insurance
16        Code and the limited liability company, if insolvent,  is
17        subject to liquidation by the Director of Insurance under
18        Article XIII of the Illinois Insurance Code;
19             (3)  the   practice  of  dentistry  unless  all  the
20        members and managers are licensed as dentists  under  the
21        Illinois Dental Practice Act; or
22             (4)  the   practice   of  medicine  unless  all  the
 
                            -2-      LRB093 03499 DRJ 15233 a
 1        managers, if any, are licensed to practice medicine under
 2        the Medical Practice Act  of  1987  and  each  member  is
 3        either any of the following conditions apply:
 4                  (A)  the  member  or  members  are  licensed to
 5             practice medicine under the Medical Practice Act  of
 6             1987; or
 7                  (B)  the  member  or  members  are a registered
 8             medical  corporation   or   corporations   organized
 9             pursuant to the Medical Corporation Act; or
10                  (C)  the  member  or members are a professional
11             corporation organized pursuant to  the  Professional
12             Service  Corporation  Act  of physicians licensed to
13             practice medicine in all its branches; or
14                  (D)  the  member  or  members  are  a   medical
15             limited   liability   company   that  satisfies  the
16             requirements of subparagraph (A),  (B),  or  (C)  or
17             companies.
18    (Source: P.A. 91-593, eff. 8-14-99; 92-144, eff. 7-24-01.)

19        (805 ILCS 180/5-1)
20        Sec. 5-1.  Organization.
21        (a)  One  or  more  persons,  other  than natural persons
22    under 18 years of  age,  may  organize  a  limited  liability
23    company  by executing and delivering articles of organization
24    to the Secretary of State as specified in  Sections  5-5  and
25    5-45.   The  organizers  need  not  be members of the limited
26    liability company.  Each organizer  of  a  limited  liability
27    company organized to engage in the practice of medicine shall
28    be a licensed physician of this State or an attorney licensed
29    to practice law in this State.  The execution of the articles
30    of  organization  constitutes  an  affirmation by the person,
31    under penalty of perjury, that the facts stated  therein  are
32    true.
33        (b)  A  limited  liability company shall have one or more
 
                            -3-      LRB093 03499 DRJ 15233 a
 1    members.
 2        (c)  A  limited  liability  company  is  a  legal  entity
 3    distinct from its members.
 4    (Source: P.A. 89-201, eff. 1-1-96; 90-424, eff. 1-1-98.)".