Terms Used In Illinois Compiled Statutes 205 ILCS 405/24

• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Petty offense: A federal misdemeanor punishable by six months or less in prison. ^{Source: U.S. Courts}