Terms Used In Illinois Compiled Statutes 20 ILCS 605/605-1085

  • 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.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
     The Illinois Small Business Fund is created as a nonappropriated separate and apart trust fund in the State Treasury. The Department shall use moneys in the Fund to manage proceeds that result from investments that the Department has undertaken through economic development programs, including, but not limited to, the Department’s Venture Capital Investment Program. The Department may use moneys collected to reinvest in small business and economic development initiatives through grants or loans. The Fund may receive any grants or other moneys designated for small business growth from the State, or any unit of federal or local government, or any other person, firm, partnership, or corporation. Any interest earnings that are attributable to moneys in the Fund must be deposited into the Fund.
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