Illinois Compiled Statutes 815 ILCS 315/1 – As used in this Act, “merchant” means a person, firm, association, …
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Terms Used In Illinois Compiled Statutes 815 ILCS 315/1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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.
- Personal property: All property that is not real property.
As used in this Act, “merchant” means a person, firm, association, partnership or corporation primarily engaged in the business of selling tangible personal property at retail.