Illinois Compiled Statutes 805 ILCS 215/808 – Liability of general partner and person dissociated as general …
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Terms Used In Illinois Compiled Statutes 805 ILCS 215/808
- 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.
Liability of general partner and person dissociated as general partner when claim against limited partnership barred. If a claim against a dissolved limited partnership is barred under Section 806 or 807, any corresponding claim under Section 404 is also barred.