Illinois Compiled Statutes > 20 ILCS 2520 – Taxpayers’ Bill of Rights Act
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Illinois Compiled Statutes > 20 ILCS 2520 - Taxpayers' Bill of Rights Act
- 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.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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.