Illinois Compiled Statutes 805 ILCS 215/802 – Judicial dissolution
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Terms Used In Illinois Compiled Statutes 805 ILCS 215/802
- 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.
On application by a partner the circuit court may order dissolution of a limited partnership if it is not reasonably practicable to carry on the activities of the limited partnership in conformity with the partnership agreement.