Illinois Compiled Statutes 805 ILCS 215/301 – Becoming limited partner
Current as of: 2024 | Check for updates
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A person becomes a limited partner:
(1) as provided in the partnership agreement;
(2) as the result of a conversion or merger under
(1) as provided in the partnership agreement;
Terms Used In Illinois Compiled Statutes 805 ILCS 215/301
- 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.
(2) as the result of a conversion or merger under
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Article 11; or
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(3) with the consent of all the partners.