Illinois Compiled Statutes 805 ILCS 215/805 – Liability after dissolution of general partner and person dissociated …
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Liability after dissolution of general partner and person dissociated as general partner to limited partnership, other general partners, and persons dissociated as general partner.
(a) If a general partner having knowledge of the dissolution causes a limited partnership to incur an obligation under Section 804(a) by an act that is not appropriate for winding up the partnership’s activities, the general partner is liable:
(1) to the limited partnership for any damage caused
(a) If a general partner having knowledge of the dissolution causes a limited partnership to incur an obligation under Section 804(a) by an act that is not appropriate for winding up the partnership’s activities, the general partner is liable:
Terms Used In Illinois Compiled Statutes 805 ILCS 215/805
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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) to the limited partnership for any damage caused
to the limited partnership arising from the obligation; and
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(2) if another general partner or a person
dissociated as a general partner is liable for the obligation, to that other general partner or person for any damage caused to that other general partner or person arising from the liability.
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(b) If a person dissociated as a general partner causes a limited partnership to incur an obligation under Section 804(b), the person is liable:
(1) to the limited partnership for any damage caused
(1) to the limited partnership for any damage caused
to the limited partnership arising from the obligation; and
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(2) if a general partner or another person
dissociated as a general partner is liable for the obligation, to the general partner or other person for any damage caused to the general partner or other person arising from the liability.
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