Illinois Compiled Statutes 805 ILCS 206/107 – Partnership subject to amendment or repeal of Act. A partnership …
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Terms Used In Illinois Compiled Statutes 805 ILCS 206/107
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
Partnership subject to amendment or repeal of Act. A partnership governed by this Act is subject to any amendment to or repeal of this Act.