Illinois Compiled Statutes 805 ILCS 206/301 – Partner agent of partnership
Current as of: 2024 | Check for updates
|
Other versions
Subject to the effect of a statement of partnership authority under Section 303 of this Act:
(1) Each partner is an agent of the partnership for
(1) Each partner is an agent of the partnership for
|
the purpose of its business. An act of a partner, including the execution of an instrument in the partnership name, for apparently carrying on in the ordinary course the partnership business or business of the kind carried on by the partnership binds the partnership, unless the partner had no authority to act for the partnership in the particular matter and the person with whom the partner was dealing knew or had received a notification that the partner lacked authority.
|
(2) An act of a partner which is not apparently for
|
carrying on in the ordinary course the partnership business or business of the kind carried on by the partnership binds the partnership only if the act was authorized by the other partners.
|
Terms Used In Illinois Compiled Statutes 805 ILCS 206/301
- 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.