95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB5070


 
Introduced , by Rep. Angelo Saviano
 
SYNOPSIS AS INTRODUCED:
 		














805 ILCS 180/1-25









    Amends the Limited Liability Company Act.  Provides that a limited liability company shall not open, operate, or maintain an establishment for any of the purposes for which a limited liability company may be organized under the Act without a certificate of registration from the Department of Financial and Professional Regulation authorized by law to license individuals to engage in the profession or related professions concerned, for the professions of dentistry or medicine or in any licensing Act administered by the Department in which any licensee intending to incorporate is limited to incorporating as a professional corporation. Establishes procedures and fees for obtaining certificates of registration.  Provides that a certificate of registration shall not be assignable.
















LRB095 15075 RLC 41035 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB5070

LRB095 15075 RLC 41035 b






1
    AN ACT concerning business.

 
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  by 
5
changing Section 1-25 as follows:
 



6
    (805 ILCS 180/1-25)



7
    Sec. 1-25. Nature of business. A limited liability company 
8
may be formed
for any lawful purpose or business except:


9
        (1) (blank);


10
        (2) insurance unless, for the purpose of carrying on 
11
    business as a member
of a group including incorporated and 
12
    individual unincorporated underwriters,
the Director of 
13
    Insurance finds that the group meets the requirements of

14
    subsection (3) of Section 86 of the Illinois Insurance Code 
15
    and the limited
liability company, if insolvent, is subject 
16
    to liquidation by the Director of
Insurance under Article 
17
    XIII of the Illinois Insurance Code;


18
        (3) the practice of dentistry unless all the members 
19
    and managers are
licensed as dentists under the Illinois 
20
    Dental Practice Act; or


21
        (4) the practice of medicine unless all the managers, 
22
    if any, are
licensed to practice medicine under the Medical 
23
    Practice Act of 1987 and each
member is either:


 


 






HB5070
- 2 -
LRB095 15075 RLC 41035 b




1
            (A) licensed to practice medicine under the 
2
        Medical Practice Act of
1987; or


3
            (B) a registered medical corporation or 
4
        corporations organized pursuant
to the Medical 
5
        Corporation Act; or


6
            (C) a professional corporation organized pursuant 
7
        to the Professional
Service Corporation Act of 
8
        physicians licensed to practice medicine in all
its 
9
        branches; or


10
            (D) a limited liability company that satisfies the 
11
        requirements of
subparagraph (A), (B), or (C).

12
    A limited liability company shall not open, operate, or 
13
maintain an establishment for any of the purposes for which a 
14
limited liability company may be organized under this Act 
15
without a certificate of registration from the Department of 
16
Financial and Professional Regulation authorized by law to 
17
license individuals to engage in the profession or related 
18
professions concerned, for the professions as provided in 
19
paragraphs (3) and (4) of this Section or in any licensing Act 
20
administered by the Department in which any licensee intending 
21
to incorporate is limited to incorporating as a professional 
22
corporation. Application for such registration shall be made in 
23
writing and shall contain the name and address of the limited 
24
liability company and such other information as may be required 
25
by the Department. Upon receipt of such application, the 
26
Department shall make an investigation of the limited liability 
 


 






HB5070
- 3 -
LRB095 15075 RLC 41035 b




1
company. If the Department finds that the organizers, managers, 
2
and members are each licensed pursuant to the laws of Illinois 
3
to engage in the particular profession or related professions 
4
involved (except that an initial organizer may be a licensed 
5
attorney) and if no disciplinary action is pending before the 
6
Department against any of them and if it appears that the 
7
limited liability company will be conducted in compliance with 
8
the law and the rules and regulations of the Department, the 
9
Department shall issue, upon payment of a registration fee of 
10
$50, a certificate of registration.

Upon written application of 
11
the holder, the Department shall renew the certificate if it 
12
finds that the limited liability company has complied with its 
13
regulations and the provisions of this Act and the applicable 
14
licensing Act. This fee for the renewal of a certificate of 
15
registration shall be calculated at the rate of $40 per year.



16
The certificate of registration shall be conspicuously posted 
17
upon the premises to which it is applicable, and the limited 
18
liability company shall have only those offices which are 
19
designated by street address in the articles of organization, 
20
or as changed by amendment of such articles. A certificate of 
21
registration shall not be assignable. 
22
(Source: P.A. 95-331, eff. 8-21-07.)