Illinois Compiled Statutes 815 ILCS 350/2 – Definitions
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In this Act, unless the context or subject matter otherwise requires:
A “going out of business sale” means any sale, whether described by such name or by any other name (such as, but not limited to, “closing out sale”, “liquidation sale”, “lost our lease sale”, “forced to vacate sale”), held in such a manner as to induce a belief that upon disposal of the stock of goods on hand, the business will cease and be discontinued at the premises where the sale is conducted.
“Goods” includes all goods, wares, merchandise and other personal property, excepting choses in action and money.
“Person” includes a person, firm, corporation, partnership, association or two or more persons having a joint or common interest.
A “removal sale” means any sale held in such a manner as to induce a belief that upon disposal of the stock of goods on hand, the business will cease and be discontinued at the premises where the sale is conducted, and thereafter will be moved to and occupy another location.
A “going out of business sale” means any sale, whether described by such name or by any other name (such as, but not limited to, “closing out sale”, “liquidation sale”, “lost our lease sale”, “forced to vacate sale”), held in such a manner as to induce a belief that upon disposal of the stock of goods on hand, the business will cease and be discontinued at the premises where the sale is conducted.
Terms Used In Illinois Compiled Statutes 815 ILCS 350/2
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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.
“Goods” includes all goods, wares, merchandise and other personal property, excepting choses in action and money.
“Person” includes a person, firm, corporation, partnership, association or two or more persons having a joint or common interest.
A “removal sale” means any sale held in such a manner as to induce a belief that upon disposal of the stock of goods on hand, the business will cease and be discontinued at the premises where the sale is conducted, and thereafter will be moved to and occupy another location.