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HB2335 Engrossed |
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LRB096 03908 KTG 13943 b |
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| AN ACT concerning business.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Limited Liability Company Act is amended by |
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| changing Section 1-25 as follows:
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| (805 ILCS 180/1-25)
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| Sec. 1-25. Nature of business. A limited liability company |
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| may be formed
for any lawful purpose or business except:
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| (1) (blank);
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| (2) insurance unless, for the purpose of carrying on |
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| business as a member
of a group including incorporated and |
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| individual unincorporated underwriters,
the Director of |
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| Insurance finds that the group meets the requirements of
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| subsection (3) of Section 86 of the Illinois Insurance Code |
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| and the limited
liability company, if insolvent, is subject |
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| to liquidation by the Director of
Insurance under Article |
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| XIII of the Illinois Insurance Code;
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| (3) the practice of dentistry unless all the members |
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| and managers are
licensed as dentists under the Illinois |
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| Dental Practice Act; or
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| (4) the practice of medicine unless all the managers, |
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| if any, are
licensed to practice medicine under the Medical |
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| Practice Act of 1987 and each
member is either:
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HB2335 Engrossed |
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LRB096 03908 KTG 13943 b |
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| (A) licensed to practice medicine under the |
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| Medical Practice Act of
1987; or
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| (B) a registered medical corporation or |
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| corporations organized pursuant
to the Medical |
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| Corporation Act; or
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| (C) a professional corporation organized pursuant |
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| to the Professional
Service Corporation Act of |
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| physicians licensed to practice under the Medical |
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| Practice Act of 1987; or
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| (D) a limited liability company that satisfies the |
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| requirements of
subparagraph (A), (B), or (C).
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| A limited liability company shall not open, operate, or |
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| maintain an establishment for any of the purposes for which a |
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| limited liability company may be organized under this Act |
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| without a certificate of registration from the Department of |
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| Financial and Professional Regulation authorized by law to |
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| license individuals to engage in the profession or related |
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| professions concerned, for the professions as provided in |
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| paragraphs (3) and (4) of this Section or in any licensing Act |
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| administered by the Department in which any licensee intending |
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| to incorporate is limited to incorporating as a professional |
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| corporation. Application for such registration shall be made in |
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| writing and shall contain the name and address of the limited |
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| liability company and such other information as may be required |
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| by the Department. Upon receipt of such application, the |
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| Department shall make an investigation of the limited liability |
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HB2335 Engrossed |
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LRB096 03908 KTG 13943 b |
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| company. If the Department finds that the organizers, managers, |
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| and members are each licensed pursuant to the laws of Illinois |
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| to engage in the particular profession or related professions |
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| involved (except that an initial organizer may be a licensed |
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| attorney) and if no disciplinary action is pending before the |
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| Department against any of them and if it appears that the |
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| limited liability company will be conducted in compliance with |
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| the law and the rules and regulations of the Department, the |
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| Department shall issue, upon payment of a registration fee of |
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| $50, a certificate of registration.
Upon written application of |
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| the holder, the Department shall renew the certificate if it |
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| finds that the limited liability company has complied with its |
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| regulations and the provisions of this Act and the applicable |
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| licensing Act. This fee for the renewal of a certificate of |
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| registration shall be calculated at the rate of $40 per year.
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| The certificate of registration shall be conspicuously posted |
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| upon the premises to which it is applicable, and the limited |
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| liability company shall have only those offices which are |
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| designated by street address in the articles of organization, |
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| or as changed by amendment of such articles. A certificate of |
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| registration shall not be assignable. |
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| (Source: P.A. 95-331, eff. 8-21-07; 95-738, eff. 1-1-09.)
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.
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