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Terms Used In Illinois Compiled Statutes 765 ILCS 1010/1

  • 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.
  • Personal property: All property that is not real property.
     As used in this Act: (a) “property” means real and personal property or any interest therein; and (b) “person” means any person, firm, association or corporation.