(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) (blank);
(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 each member is either:
(A) licensed to practice medicine under the
Medical Practice Act of 1987; or
(B) a registered medical corporation or
corporations organized pursuant to the Medical Corporation Act; or
(C) a professional corporation organized pursuant
to the Professional Service Corporation Act of physicians licensed to practice under the Medical Practice Act of 1987; or
(D) a limited liability company that satisfies
the requirements of subparagraph (A), (B), or (C).
(Source: P.A. 95-331, eff. 8-21-07; 95-738, eff. 1-1-09.)
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Last modified: February 18, 2015