Illinois Compiled Statutes 805 ILCS 105/107.85 – Nonliability of members
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Terms Used In Illinois Compiled Statutes 805 ILCS 105/107.85
- 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.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
The members of a corporation shall not be personally liable for any debt or obligation of the corporation.