Terms Used In Illinois Compiled Statutes 240 ILCS 30/13

  • 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.
  • Petty offense: A federal misdemeanor punishable by six months or less in prison. Source: U.S. Courts
     Any person, firm or corporation that violates any provisions of this Act or the rules and regulations adopted pursuant thereto, shall be guilty of a petty offense.