Illinois Compiled Statutes 740 ILCS 10/4 – As used in this Act, unless the context otherwise requires: …
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As used in this Act, unless the context otherwise requires:
“Trade or commerce” includes all economic activity involving or relating to any commodity or service.
“Commodity” shall mean any kind of real or personal property.
“Service” shall mean any activity, not covered by the definition of “commodity,” which is performed in whole or in part for the purpose of financial gain.
“Service” shall not be deemed to include labor which is performed by natural persons as employees of others.
“Person” shall mean any natural person, or any corporation, partnership, or association of persons.
“Trade or commerce” includes all economic activity involving or relating to any commodity or service.
Terms Used In Illinois Compiled Statutes 740 ILCS 10/4
- 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.
- Personal property: All property that is not real property.
“Commodity” shall mean any kind of real or personal property.
“Service” shall mean any activity, not covered by the definition of “commodity,” which is performed in whole or in part for the purpose of financial gain.
“Service” shall not be deemed to include labor which is performed by natural persons as employees of others.
“Person” shall mean any natural person, or any corporation, partnership, or association of persons.