Illinois Administrative Code
Title 14 - COMMERCE
Part 178 - LIMITED LIABILITY COMPANY ACT
Subpart B - NAMES
Section 178.165 - Restricted and Professional Words

Universal Citation: 14 IL Admin Code ยง 178.165

Current through Register Vol. 48, No. 12, March 22, 2024

a) Words which are subject to restrictions on their use in a limited liability company name include, but are not limited to, the following and any variation thereof: Insurance, Surety, Underwriters, Bank, Bankers, Banking, or any licensed professional services.

b) However, "Bank", "Banker", or "Banking" may be used in a limited liability company name if, at the time of filing of the articles of organization, application for admission by a foreign limited liability company, or an amendment to either of these documents to change the limited liability company name, the limited liability company shall give the Department a letter signed by the Director of Financial and Professional Regulation-Division of Banking or a designee granting permission to use these words, pursuant to the standard set forth in Section 46 of the Illinois Banking Act [205 ILCS 5/46 ].

1) The limited liability company using any of these aforementioned words must not be engaged in the banking business, but may be a bank holding company.

2) The use of these words shall be allowed if the limited liability company is not conducting financial business and the otherwise prohibited word is a person's proper name, e.g. "Robert Banks".

c) The Department will prohibit the organization of limited liability companies which seek to use names or have purposes which violate the Act. This prohibition does not apply to names or purposes specifically authorized by these rules.

Disclaimer: These regulations may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.