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
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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
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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.)".