Illinois Compiled Statutes 805 ILCS 215/1002 – Derivative action
Current as of: 2024 | Check for updates
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A partner may maintain a derivative action to enforce a right of a limited partnership if:
(1) the partner first makes a demand on the general
(1) the partner first makes a demand on the general
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partners, requesting that they cause the limited partnership to bring an action to enforce the right, and the general partners do not bring the action within a reasonable time; or
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(2) a demand would be futile.
Terms Used In Illinois Compiled Statutes 805 ILCS 215/1002
- 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.