Illinois Compiled Statutes 805 ILCS 215/302 – No right or power as limited partner to bind limited partnership
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Terms Used In Illinois Compiled Statutes 805 ILCS 215/302
- 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.
A limited partner does not have the right or the power as a limited partner to act for or bind the limited partnership.