Sec. 1-25. Nature of business.
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/il/chapter-805/act-180/1-25A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 1-25. Nature of business.
(a)A limited liability company may be formed for any lawful purpose or business except 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.
(b)(Blank).
(c)(Blank).
(d)A limited liability company that intends to provide a professional service licensed by the Department of Financial and Professional Regulation must be formed in compliance with the Professional Limited Liability Company Act.