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ILLINOIS LEGAL INFORMATION
LLC Links -- Forms and Statutes
Selected Illinois LLC Statutues
- (805 ILCS 180/1-10) Sec. 1-10. Limited liability company name.
(a) The name of each limited liability company as set forth in its articles of organization:
- shall contain the terms "limited liability company", "L.L.C.", or "LLC";
- may not contain a word or phrase, or an abbreviation or derivation thereof, the use of which is prohibited or restricted by any other statute of this State unless the restriction has been complied with;
- shall consist of letters of the English alphabet, Arabic or Roman numerals, or symbols capable of being readily reproduced by the Office of the Secretary of State;
- shall not contain any of the following terms: "Corporation," "Corp.," "Incorporated," "Inc.," "Ltd.," "Co.," "Limited Partnership" or "L.P.";
- shall be the name under which the limited liability company transacts business in this State unless the limited liability company also elects to adopt an assumed name or names as provided in this Act; provided, however, that the limited liability company may use any divisional designation or trade name without complying with the requirements of this Act, provided the limited liability company also clearly discloses its name;
- shall not contain any word or phrase that indicates or implies that the limited liability company is authorized or empowered to be in the business of a corporate fiduciary unless otherwise permitted by the Commissioner of the Office of Banks and Real Estate under Section 1-9 of the Corporate Fiduciary Act. The word "trust", "trustee", or "fiduciary" may be used by a limited liability company only if it has first complied with Section 1-9 of the Corporate Fiduciary Act; and
- shall contain the word "trust", if it is a limited liability company organized for the purpose of accepting and executing trusts.
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- (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:
- licensed to practice medicine under the Medical Practice Act of 1987; or
- a registered medical corporation or corporations organized pursuant to the Medical Corporation Act; or
- a professional corporation organized pursuant to the Professional Service Corporation Act of physicians licensed to practice medicine in all its branches; or
- a limited liability company that satisfies the requirements of subparagraph (A), (B), or (C).
Library of Informational Legal Articles
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