Illinois Compiled Statutes 805 ILCS 215/504 – Interim distributions
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Terms Used In Illinois Compiled Statutes 805 ILCS 215/504
- 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 partner does not have a right to any distribution before the dissolution and winding up of the limited partnership unless the limited partnership decides to make an interim distribution.