Illinois Compiled Statutes 805 ILCS 215/804 – Power of general partner and person dissociated as general partner to …
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Power of general partner and person dissociated as general partner to bind partnership after dissolution.
(a) A limited partnership is bound by a general partner’s act after dissolution which:
(1) is appropriate for winding up the limited
(a) A limited partnership is bound by a general partner’s act after dissolution which:
Terms Used In Illinois Compiled Statutes 805 ILCS 215/804
- 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.
(1) is appropriate for winding up the limited
partnership’s activities; or
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(2) would have bound the limited partnership under
Section 402 before dissolution, if, at the time the other party enters into the transaction, the other party does not have notice of the dissolution.
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(b) A person dissociated as a general partner binds a limited partnership through an act occurring after dissolution if:
(1) at the time the other party enters into the
(1) at the time the other party enters into the
transaction:
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(A) less than two years has passed since the
dissociation; and
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(B) the other party does not have notice of the
dissociation and reasonably believes that the person is a general partner; and
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(2) the act:
(A) is appropriate for winding up the limited
(A) is appropriate for winding up the limited
partnership’s activities; or
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(B) would have bound the limited partnership
under Section 402 before dissolution and at the time the other party enters into the transaction the other party does not have notice of the dissolution.
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