Illinois Compiled Statutes 10 ILCS 5/9-1.6 – Person
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Terms Used In Illinois Compiled Statutes 10 ILCS 5/9-1.6
- 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.
“Person” or “whoever” means a natural person, trust, partnership, committee, association, corporation, or any other organization or group of persons.