Illinois Compiled Statutes 805 ILCS 215/506 – Distribution in kind
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Terms Used In Illinois Compiled Statutes 805 ILCS 215/506
- 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 demand or receive any distribution from a limited partnership in any form other than cash. Subject to Section 812(b), a limited partnership may distribute an asset in kind to the extent each partner receives a percentage of the asset equal to the partner’s share of distributions.