State of Illinois
Public Acts
92^nd General Assembly

Public Act 92-0144

SB133 Enrolled                                LRB9201549RCdvB

    AN ACT in relation to limited liability companies.

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

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

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

    Section  99.  Effective date.  This Act takes effect upon
becoming law.
    Passed in the General Assembly May 08, 2001.
    Approved July 24, 2001.