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Current as of January 01, 2022 | Updated by FindLaw Staff
§ 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 1 and the limited liability company, if insolvent, is subject to liquidation by the Director of Insurance under Article XIII of the Illinois Insurance Code. 2
(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. 3
Cite this article: FindLaw.com - Illinois Statutes Chapter 805. Business Organizations § 180/1-25. Nature of business - last updated January 01, 2022 | https://codes.findlaw.com/il/chapter-805-business-organizations/il-st-sect-805-180-1-25/
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