Illinois Compiled Statutes 805 ILCS 215/1003 – Proper plaintiff
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A derivative action may be maintained only by a person that is a partner at the time the action is commenced and:
(1) that was a partner when the conduct giving rise
(1) that was a partner when the conduct giving rise
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to the action occurred; or
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(2) whose status as a partner devolved upon the
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person by operation of law or pursuant to the terms of the partnership agreement from a person that was a partner at the time of the conduct.
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Terms Used In Illinois Compiled Statutes 805 ILCS 215/1003
- 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.