Illinois Compiled Statutes 735 ILCS 5/2-209.1 – Actions by and against voluntary associations
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Terms Used In Illinois Compiled Statutes 735 ILCS 5/2-209.1
- 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.
A voluntary unincorporated association may sue and be sued in its own name, and may complain and defend in all actions. For the purposes of this Code, “voluntary unincorporated association” means any organization of 2 or more individuals formed for a common purpose, excluding a partnership or corporation.