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APPLICATION FOR A REAL ESTATE

481

LIMITED LIABILITY COMPANY LICENSE

ILLINOIS DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION

320 West Washington Street, 3

Floor

Springfield, Illinois 62786

Real Estate Licensing 800/ 560-6420

Important Notice: Completion of this form is necessary to accomplish the requirements outlined in the Illinois Real Estate License Act of 2000 {225

ILCS 454}. Disclosure of this information is REQUIRED. Failure to comply may result in this form not being processed. This form has been

approved by the Agency Forms Coordinator.

INSTRUCTIONS FOR FILING A LIMITED LIABILITY COMPANY APPLICATION

Do not use this application if you are setting up a Corporation for Indirect Payment of Compensation. For more information

please visit our website at

1. Complete the entire application. Type or print legibly. Forward a fee of $125 in the form of a check or money order, made

payable to the Illinois Department of Financial and Professional Regulation. FEE IS NOT REFUNDABLE.

2. Assumed Name (DBA) - If an assumed name will be used, attach a certified copy of the assumed name certificate, obtainable

from the Illinois Secretary of State.

3. Attach copies of the following documents:



Articles of Organization

Any operating Agreement, and



If the LLC was organized outside of Illinois, the filed

A Consent to Examine and Audit Special Accounts form

application for admission to transact business in Illinois

for each depository or financial institution at which the

issued by the Illinois Secretary of State,

LLC maintains a special account.

4. Attach a list of all Members of the LLC. Every Manager in the LLC or every Member in a Member managed LLC must hold a

license as a Managing Broker or Broker. Additionally, every employee of the LLC who acts as a Broker or Leasing Agent for

the LLC must hold a license as a Broker or Leasing Agent. Any change in Members, ownership interest, or address shall

require the Managing Broker to supplement this application.

If any Member is a corporation, include:



A copy of the Articles of Incorporation,



The corporation’s FEIN number,



A list of all shareholders, their Illinois Real Estate License Number and their percent of ownership interest in

the corporation

If any Member is a partnership, include:



An affidavit stating that the partnership has been legally formed,



A letter of authority from the Secretary of State only if it is a limited partnership,



A list of all partners, designation of each as either a limited or general partner, their Real Estate License

Number and their percent of ownership in the partnership

The Act provides that no LLC shall be licensed where an individual Leasing Agent or group of Leasing Agents owns or directly or

indirectly controls more than 49% of the ownership of the LLC. If any Member is not licensed as a Real Estate Managing Broker,

Broker, Broker Corporation or Leasing Agent, then attach an affidavit for that unlicensed Member attesting that the Member is not

participating or directing the LLC’s Real Estate brokerage business.

5. A Federal Employer Identification Number (FEIN) is required; if a FEIN has not been issued, a photocopy of the FEIN

application must be forwarded with this application.

6. The Managing Broker of the firm must associate/transfer himself/herself and all licensees employed by the firm only AFTER

receipt of the firm license. A properly completed sponsor card and the applicable fee must be submitted for each transaction.

IL 505-0514 (Rev 3/13)

Form Il 505-0514 - Application For A Real Estate Limited Liability Company License, Form 505-0341 - Consent To Examine And Audit Special Accounts

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