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92_SB0133enr SB133 Enrolled 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)allthe member or membersand managersare 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 Enrolled -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.