Illinois Compiled Statutes 805 ILCS 215/401 – Becoming general partner
Current as of: 2024 | Check for updates
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A person becomes a general partner:
(1) as provided in the partnership agreement;
(2) under Section 801(3)(B) following the
(1) as provided in the partnership agreement;
Terms Used In Illinois Compiled Statutes 805 ILCS 215/401
- 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) under Section 801(3)(B) following the
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dissociation of a limited partnership’s last general partner;
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(3) as the result of a conversion or merger under
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Article 11; or
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(4) with the consent of all the partners.